Oil prices retreat further on Thursday, extending the decline triggered on Wednesday after a string of headlines from the US President Joe Biden administration over tariffs and sanctions.
WTI Oil sell-off persisted on Thursday, posting 3% losses in two trading days. Oil prices broke below the pivotal $83.34 level, heading to $80.63 next. The US Dollar Index slides below 106.00 after a slew of central bankers are pushing against a stronger Greenback. On the tariff front, Biden called for higher fees on Chinese steel and aluminium. On the sanctions front, the US is set to reimpose sanctions on Venezuelan Oil and Gas while Washington considers adding sanctions on Iran’s Oil exports.
. Sanctions on Iran thus might be having a heavier impact on prices than the ones for Venezuela, which means the Biden administration will probably sanction non-oil sectors in order to avoid disruptions in the global Oil supply. With geopolitical tensions lingering, the $83.34 and $90 handle should remain in grasp. One small barrier in the way is $89.64, the peak from October 20.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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