Oil prices were little changed on Thursday, October 19, as the US eased sanctions on Venezuela to allow more oil to flow globally, but traders remained nervous that Israel’s military campaign in Gaza could escalate to a regional conflict. The US issued a six-month licence authorising transactions in Venezuela’s energy sector, after a deal was reached between Venezuela’s government and the political opposition there to ensure fair 2024 elections.
Brent futures for December were down 20, or 0.2 per cent, to $91.30 a barrel. US West Texas Intermediate (WTI) futures for November, which expire on Friday, stood unchanged at $88.32 per barrel. At their session lows, both benchmarks were down more than $1 a barrel. The more active December WTI contract rose 0.2 per cent, or 18 cents, to $87.45 a barrel, according to news agency Reuters.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, was last trading higher by 0.45 per cent at ₹7,398 per bbl, having swung between ₹7,221 and ₹7,410 per bbl during the session so far, against a previous close of ₹7,365 per barrel.
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Updated: 19 Oct 2023, 10:26 PM IST