In a turn of events, oil prices experienced a downward trajectory on Thursday, erasing the previous session’s gains. This outcome came as OPEC revealed no indication of endorsing Iran’s proposal for an oil embargo on Israel. Further influencing the market, the United States announced its intentions to ease sanctions on Venezuela, thereby enabling a greater global oil flow.
The absence of support from OPEC for Iran’s proposed oil embargo on Israel contributed to the decline in oil prices. This news was significant, as it suggested a lack of consensus among OPEC members regarding geopolitical matters. Additionally, the United States’ plans to ease Venezuela sanctions signaled a potential increase in oil supply in the global market. This announcement further dampened prices, as it hinted at a potential alleviation of the supply constraints that had previously buoyed oil prices. As a result, the market sentiment took a pessimistic turn, leading to the reversal of gains from the previous session.
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