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)

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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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