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WTI, Brent Boosted as Venezuela Back on Radar

COMMODITIES
  • Crude prices edging higher across both WTI and Brent futures headed through early US hours - gains extended thanks to latest support from increased chances that the US will reinstate sanctions on Venezuela, and little hope for a ceasefire in Israel in the short term. Earlier upside was driven by the slightly softer USD, ongoing geopolitical tensions in the Mideast and energy infrastructure attacks in Russia. WTI crude now narrowing the gap with 83.12, the mid-March high and bull trigger. Oil-tied currencies trading higher as a result, with NOK and CAD among the strongest in G10.
  • Venezuela’s opposition candidate Corina Yoris said in a webcast that the country is preventing the opposition from registering a candidate for the elections, which means the US is likely to reinstate sanctions.
  • In addition, Russian oil companies have been ordered to reduce output in Q2 to ensure they meet a production target of 9 mn bpd by the end of June in line with its pledges to OPEC+ according to Reuters today.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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