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Crude Falls As Chevron Allowed To Start Operations In Venezuela
(RTTNews) - Crude oil fell on Friday on reports that the U.S. might allow partners of Venezuela's state-run PDVSA to resume operations, sparking concerns of over-supply. Earlier in the day, crude oil traded in the positive territory as the U.S. signed a spate of trade deals with its major trading partners in the past few days.
West Texas Intermediate crude for September delivery closed, down $0.88 or 1.33 percent to $65.15 per barrel.
According to reports by Reuters, reversing the course, U.S. President Donald Trump's administration might now allow key partners of Venezuela's state-run PDVSA, starting with U.S. super-major Chevron, to restart pumping oil in Venezuela.
With the deadline for "reciprocal tariffs" suspension period ending in less than a week, major US trading partners UK, China, Indonesia, Vietnam, and Philippines, and more recently, Japan secured a trading framework agreement with the U.S.
The meeting of the Joint Ministerial Monitoring Committee (JMMC), which includes top ministers from the OPEC+ is scheduled to meet on Monday.
According to another Reuters' report, the alliance is unlikely to alter their existing plans to raise output by 5,48,000 barrels per day in August.
Hong Kong Shares Tipped To Open To The Upside
Australian Market Slightly Lower
China Stock Market Has Solid Lead For Thursday's Trade
Rebound Anticipated For Taiwan Stock Market
Higher Open Called For Singapore Stock Market
South Korea Has $14.27 Billion Current Account Surplus
Malaysia Shares Tipped To Open To The Upside
