Oil prices dropped on Thursday after the United States announced it will temporarily suspend sanctions on Venezuelan energy exports. The US Treasury said the measures will be halted for six months following an agreement between Venezuelan President Nicolas Maduro and the opposition ahead of a possible election in 2024.
Meanwhile, the US commercial crude oil inventories fell by 4.5 million barrels to 419.7 million barrels in the week ending October 13, according to the latest report on Wednesday.
West Texas Intermediate (WTI) for deliveries in November lost 1.31% at 5:03 am ET and went for $87.16 per barrel. A minute later, Brent for December’s deliveries declined by 1.985 to sell for $89.74 per barrel. BlackMask Pod Cast: