Oil Dips Below $90 a Barrel as US Agrees Venezuela Deal

(Reuters, 16.Oct.2023) — Oil futures fell on Monday on reports that the U.S. had agreed a deal to ease sanctions on Venezuela, while investors continued to mull the potential impact of the escalating Israel-Hamas conflict on oil prices.

Brent futures were down $1.08, or 1.19%, at $89.81 a barrel at 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell by $1.07, or 1.22%, to $86.62 a barrel.

The U.S. and Venezuelan governments reached a deal on Monday to ease U.S. sanctions on Venezuela’s oil industry in return for a competitive, monitored presidential election in Venezuela next year, the Washington Post reported.


By Robert Harvey

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