HOUSTON: Oil futures fell more then US$1 a barrel on Monday (Oct 16) as expectations rose the US and Venezuela could soon reach a deal easing sanction...
Market sources say heightened tensions in the Middle East may have compounded other risk factors to push crude oi prices higher last week. – AFP
Venezuela’s government and opposition will return to political negotiations this week after nearly a year, the two sides said, while sources said the US has reached a preliminary deal to ease sanctions on Venezuela’s oil industry in return for a competitive, monitored presidential election in Venezuela next year.
Both oil benchmarks had surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February.
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