Crude Prices Fall as US Considers Lifting Sanctions on Venezuela
October 17, 2023
Crude oil prices fell in yesterday’s trading mainly due to the news that the US and Venezuela may reach a deal to lift US sanctions against Venezuela on oil sales Venezuela has the world’s largest proved oil reserves. In order to ease sanctions Venezuela is required to have a monitored competitive election next year.
Also helping to ease price back is optimism that the Israel/Hamas war will not cause oil supply disruptions or involve other Middle Was countries.
The energy markets continue to be mixed and trading both positive and negative as the uncertainty continues around the war with Israel and Hamas. The market will continue to watch the news and react to any new developments.