The crude oil price which traded against the dollar have fell on Thursday, giving back previous session gains after OPEC showing no signs of supporting Iran’s demand for an oil embargo on Isreal and U.S prepares to ease sanctions against Venezuela to allow more oil to flow globally. At the time of writing, crude oil …
The crude oil price which traded against the dollar have fell on Thursday, giving back previous session gains after OPEC showing no signs of supporting Iran’s demand for an oil embargo on Isreal and U.S prepares to ease sanctions against Venezuela to allow more oil to flow globally. At the time of writing, crude oil price fell 0.08% to 88.38.
In the previous session, oil prices rose more than 2% due to worries about supply disruptions after Iran demanded an oil embargo against Israel over the Gaza conflict and after the United States, the world’s largest oil consumer, reported a larger-than-anticipated inventory draw, further constricting already scarce supplies. According to sources speaking to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) has no immediate plans to respond to Iran’s request, allaying worries about potential disruptions.
On the other hand, U.S. President Joe Biden’s visit to Israel came to an end without the Israel-Hamas conflict escalating further, according to Tina Teng, an analyst at CMC Markets. After a deal was reached between the Venezuelan government and the nation’s political opposition to secure free and fair elections in 2024, the United States announced that it had approved a six-month license enabling transactions in Venezuela’s energy sector. This news put pressure on prices.
Venezuela’s oil flows could help to ease global oil prices, up amid the Israel-Hamas conflict, sanctions on Russia and OPEC+ decisions to reduce output, but Venezuela needs investments to boost output following years of sanctions.
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