Crude Prices Decline on Talk of U.S.-Venezuela Oil Deal - The Wall Street Journal
Crude Prices Decline on Talk of U.S.-Venezuela Oil Deal - WSJ
Updated Oct. 16, 2023 2:52 pm ET
1439 ET – US crude futures finish a volatile session 1.2% lower at $86.66 a barrel. Oil prices were climbing early in the session, but then selling commenced “after reports hit the tape that the US was going to lift sanctions on Venezuela in exchange for ‘fair’ elections. An official announcement could come as early as today,” says Mizuho’s Bob Yawger in a note. “Venezuelan crude oil output was 733,000 bpd in September, according to the latest OPEC Monthly Report, down slightly from the three year plus high of 772,000 bpd in July. Venezuela arguably has the largest oil reserves in the world, but the oil is heavy and must be run through a refinery that is configured to process thicker grades.” ( dan.molinski@wsj.com)
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