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Oil prices have stabilized after the new US sanctions against Venezuela


April, 18 2024
watermark Economic news

Crude oil prices fell on Thursday to $86.27 per barrel, continuing the dynamics of yesterday. Yesterday, the quotes fell sharply from the $90 area on the background of data on the growth of crude oil reserves in the United States.


According to data from the US Department of Energy, in the week ended April 12, oil reserves increased by 2.7 million barrels, reaching 460 million barrels, which was almost twice as high as expected.


However, today, during the day, the oil market managed to stabilize and raise quotes to $87.50 per barrel. Prices were supported by the introduction of new sanctions by the Biden administration on oil exports from Venezuela after President Nicolas Maduro failed to fulfill a promise to hold national elections.


Oil exports from Venezuela increased by 12% and reached about 700 thousand barrels per day in 2023 after the easing of some US sanctions against the country's oil industry.


Reports of the US imposing new oil sanctions against Venezuela have also increased geopolitical tensions in the Middle East, which traditionally supports the market.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.