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Crude Eases Back on Venezuela Sanction Talks

COMMODITIES
  • WTI has fallen during US hours and has sunk below $87/b, amid hopes that the US could relax sanctions on Venezuela oil in exchange for competitive and international monitored presidential elections next year.
  • Separately, the US has been holding back-channel talks with Iranian officials to warn them against escalating the conflict in Israel according to White House National Security Advisor Jake Sullivan.
  • The amount of crude oil held around the world on tankers that have been stationary for at least 7 days fell by 389,000 bbl to 74.1m bbl as of 13 October, the lowest since December, Vortexa data show.
  • WTI is -1.0% at $86.79 but only chips away at Friday’s strong push higher to remain easily off support at $81.50 (Oct 6 low)
  • Brent is -1.1% at $89.85 but remains easily off support at $87.40 (50-day EMA).
  • Gold is -0.65% at $1920.04 with relatively little boost from a softer US dollar. It’s particularly strong circa $60 increase on Friday leaves spot prices elevated compared to support at $1898.3 (50-day EMA).

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