WTI crude closes flat as supply concerns ease
WTI crude closes flat as supply concerns ease
Updated October 17, 2023 at 2:50 p.m. ET
2:45 p.m. ET – Crude futures are weakening as Biden’s planned trip to the Middle East fuels hopes of a de-escalation of the conflict in Israel, which would avoid supply disruptions. News that the United States and Venezuela have agreed to ease sanctions on Venezuelan oil helps ease supply concerns. Oanda’s Edward Moya warns in a note that today’s pullback “is not accompanied by a key catalyst that will prevent this oil market from remaining tight in the near term.” WTI closed flat at $86.66 per barrel, after rebounding from an intraday low of $85.60. Meanwhile, US stocks are expected to rise in tomorrow’s weekly EIA report. (paulo.trevisani@wsj.com; @ptrevisani)
Copyright ©2023 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Wj