Brent Falls Back Below 90$/bbl Amid US Plans to Ease Venezuela Sanctions

Brent crude falls back below 90$/bbl as headlines suggest the US is set to ease sanctions on Venezuela oil while Venezuela would allow competitive and international monitored presidential elections next year according to the Washington Post.

• Crude time spreads are following the move lower, but markets are still above levels seen for most of last week boosted by the risk to supplies due to the Israel-Hamas conflict.
• The Brent Dec contract is still trading above key support at the 50 day EMA of 87.40$/bbl while resistance is up at the 3 Oct high of 91.56$/bl
  • Brent DEC 23 down -1.1% at 89.91$/bbl
  • WTI NOV 23 down -1.1% at 86.74$/bbl
  • WTI-Brent up 0.07$/bbl at -4.5$/bbl
  • Brent DEC 23-JAN 24 down -0.12$/bbl at 1.43$/bbl
  • Brent DEC 23-DEC 24 down -0.31$/bbl at 7.89$/bbl
  • WTI NOV 23-DEC 23 unchanged at 1.34$/bbl
  • WTI DEC 23-JAN 24 down -0.03$/bbl at 1.24$/bbl
  • WTI DEC 23-DEC 24 down -0.33$/bbl at 8.04$/bbl