On Thursday, oil prices are declining due to news about the easing of US sanctions against the oil and gas sector of Venezuela.
Washington has decided to lift restrictions on transactions with Venezuelan oil and gas for six months after Caracas signed an agreement with the opposition to hold new presidential elections in the country.
The suspension of US sanctions may lead to an increase in Venezuela's oil production by 200 thousand barrels per day.
The current price of Brent oil is $91.12 per barrel. Yesterday's high was marked at $92.70. North American WTI oil shows similar dynamics: a decline to $86.60 after rising to $88.25 per barrel.
The day before, oil prices rose to their highest in more than two weeks due to the escalation of the conflict in the Middle East and data on the decline in oil reserves in the United States. According to the Ministry of Energy, commercial oil reserves in the United States decreased by 4.5 million barrels, which led to a rise in the market. Experts predicted a decrease of only 30 thousand barrels.
Gasoline inventories decreased by 2.4 million barrels, distillates – by 3.2 million barrels. Analysts on average predicted a decrease in gasoline reserves by 800 thousand barrels, distillates – by 900 thousand barrels. Stocks at the terminal in Cushing, where oil traded on NYMEX is stored, decreased by 758 thousand barrels over the week.
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