Venezuela Spurned by U.S. Supreme Court in Citgo Stake Clash (1)

The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset.

The justices, without comment on Monday, left intact a federal appeals court victory for a defunct Canadian gold mining company seeking to force the sale of Citgo’s parent company. The gold company, Crystallex International Corp., is trying to collect a $1.4 billion arbitration award, most of which remains unpaid.

The rebuff leaves Venezuela at risk of losing a much-needed source of revenue in Citgo. The country’s ...