The Western Texas Intermediate (WTI) oil price experiences a consecutive decline on the second day, trading lower around $85.10 per barrel during the
Crude oil prices continue the losses after news on the US-Venezuela Oil deal. US could sign a pact with the Venezuelan government involving easing sanctions on its oil industry. Traders appear to be adopting a wait-and-see approach; seeking more cues related to the Middle East conflict. Asian session on Tuesday.
These developments are perceived as a potential tailwind for Crude Oil prices, as concerns over potential supply disruptions contribute to market uncertainties. Recent developments involve the United States adopting a more stringent stance against Russia by imposing sanctions on two shipping companies. Given Russia's significant role in global crude oil exports, increased scrutiny from the US on its shipments has the potential to impact the global oil supply.
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