Oil prices stabilized thanks to hopes that the US would ease sanctions on Venezuela- Nguyễn Thành Lợi

Oil prices stabilized thanks to hopes that the US would ease sanctions on Venezuela

EXCHANGE TRADING KNOWLEDGE

Nguyễn Thành Lợi

Oil prices stabilized on Tuesday after falling more than $1 on Monday. US crude oil is currently trading around 86.95 USD/barrel, down about 0.1%. Markets expect the US will ease sanctions on oil-producing Venezuela and Washington is stepping up efforts to prevent the Palestinian-Israeli conflict from escalating.

Multiple sources said Monday that the Venezuelan government and opposition plan to resume long-stalled talks on Tuesday; President Maduro said this would benefit the 2024 election, a move that could prompt Washington to ease sanctions.

Oil prices rose sharply last week on fears the conflict in the Middle East could widen, with Brent crude rising 7.5%, its biggest weekly gain since February.

Last updated: 10/17/2023 10:13

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