Free Trial

Crude Stays Lower on Venezuela Sanction News

OIL

WTI has stabilised around $87/b, as reports of a US-Venezuela deal on sanction relief could boost global supplies.

  • WTI NOV 23 down -0.7% at 87.04$/bbl
  • WTI-Brent up 0.17$/bbl at -4.4$/bbl
  • WTI NOV 23-DEC 23 up 0.08$/bbl at 1.42$/bbl
  • WTI DEC 23-DEC 24 down -0.37$/bbl at 8$/bbl
  • The Biden administration and the government of Venezuelan President Nicolás Maduro have agreed to a deal to ease US sanctions on Venezuela’s oil industry, while Venezuela would allow competitive and international monitored presidential elections next year according to the Washington Post.
  • A deal could be signed as early as Tuesday.
  • Wider geopolitical concerns continue to support the market. Market participants are keeping a watch on any involvement of Iran or a wider regional fallout which could hamper supplies in an already tight market.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.