{"id":73636,"date":"2023-10-17T12:33:34","date_gmt":"2023-10-17T16:33:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-inches-higher-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions\/"},"modified":"2023-10-17T12:33:36","modified_gmt":"2023-10-17T16:33:36","slug":"oil-inches-higher-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73636","title":{"rendered":"Oil inches higher as investors monitor Israel-Hamas war, talks on Venezuela sanctions"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002621835\" role=\"document\">\n<p>Oil futures inched higher Tuesday, steadying after a fall the previous session sparked by renewed talks that could ease U.S. sanctions on crude exports by Venezuela. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.32%<\/bg-quote><br \/>\n       for November delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.32%<\/bg-quote><\/p>\n<p>        CLX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209727121\/delayed\" class=\"negative\">-0.32%<\/bg-quote><br \/>\n       rose 25 cents, or 0.3%, to $86.91 a barrel on the New York Mercantile Exchange after losing 1.2% on Monday. <\/p>\n<\/li>\n<li>\n      December Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.10%<\/bg-quote><\/p>\n<p>        BRNZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705840\/delayed\" class=\"negative\">-0.10%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 26 cents, or 0.3%, to $89.91 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      November gasoline<br \/>\n        RBX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376532\/delayed\" class=\"positive\">+0.07%<\/bg-quote><br \/>\n       added 0.2% to $2.2778 a gallon, while November heating oil<br \/>\n        HOX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376451\/delayed\" class=\"negative\">-0.38%<\/bg-quote><br \/>\n       lost 0.5% to $3.1333 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for November delivery<br \/>\n        NGX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194966\/delayed\" class=\"negative\">-1.67%<\/bg-quote><br \/>\n       traded at $3.049 per million British thermal units, down 1.9%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cUncertainty still lingers over a potential spillover of the conflict in Israel in a way that could involve major oil producers in the region, in a dynamic that continues to create upside risk for prices,\u201d said Ricardo Evangelista, senior analyst at ActivTrades, in market commentary.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Crude surged last week on fears the Israel-Hamas war could spill over to involve Iran, potentially leading the U.S. to increase enforcement of sanctions that would curb exports and further tighten global supplies.<\/p>\n<p>\u201cThe markets are paying the most attention to statements regarding Iran, which produces over 3.1 [million barrels a day],\u201d said Alex Kuptsikevich, FxPro senior market analyst, in a note. Since the end of last week, Iran has been \u201ctoughening its rhetoric.\u201d <\/p>\n<p>Oil prices pulled back Monday as investors monitored diplomatic efforts aimed at containing the conflict, while the prospect of more supply from Venezuela put added pressure on crude.<\/p>\n<p>The Biden administration and the government of Venezuelan President Nicol\u00e1s Maduro have agreed to a deal under which the U.S. would ease sanctions on Venezuela\u2019s oil industry.  Venezuela, in return, would conduct a competitive, internationally monitored presidential election next year, the report said. The report said the deal was expected to be signed Tuesday in Barbados.<\/p>\n<p>The U.S. State Department later Monday said that it welcomed an announcement by Maduro representatives and others to resume Venezuelan-led talks in Barbados.<\/p>\n<p>An agreement that eases sanctions would \u201cprovide some relief from the supply-side concerns that lately have dominated the mindset of oil traders,\u201d said Evangelista.<\/p>\n<p><strong>See: <\/strong>Venezuela is set for a \u2018long journey\u2019 to boost oil output if U.S. eases sanctions<\/p>\n<p>Meanwhile, a rush of diplomacy by global leaders to head off a wider conflict in the Middle East appeared to be soothing investor nerves for now, Raffi Boyadjian, lead investment analyst at XM, said in a note.<\/p>\n<p>President Biden is set to visit Israel Wednesday, while Secretary of State Antony Blinken made a second visit in as many days on Monday, \u201cunderscoring the intense diplomatic efforts to contain the conflict and prevent a humanitarian catastrophe in Gaza,\u201d Boyadjian wrote.<\/p>\n<p><strong>Read:<\/strong> 70% chance Israel-Hamas war spreads beyond Gaza, threatening oil, strategist warns<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-steady-as-investors-monitor-israel-hamas-war-talks-on-venezuela-sanctions-212c4c14?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures inched higher Tuesday, steadying after a fall the previous session sparked by renewed talks that could ease U.S. sanctions on crude exports by Venezuela. Price action West Texas Intermediate crude CL00, -0.32% for November delivery CL.1, -0.32% CLX23, -0.32% rose 25 cents, or 0.3%, to $86.91 a barrel on the New York Mercantile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73636","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil inches higher as investors monitor Israel-Hamas war, talks on Venezuela sanctions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures inched higher Tuesday, steadying after a fall the previous session sparked by renewed talks that could ease U.S. sanctions on crude 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