Oil prices fell during trading on Thursday, October 19, erasing the gains recorded in the last session, amid OPEC’s lack of support for Iran’s call to impose an oil embargo on Israel.
America also eased sanctions on Venezuela, allowing more of its oil to flow globally, a step that may ease pressures on global oil prices in light of the conflict between Israel and Hamas, the sanctions imposed on Russia, and the decisions of the OPEC+ alliance to reduce production.
Oil prices jumped 2% in Wednesday's session, supported by Iran's call for an oil embargo on Israel in response to the conflict in Gaza.
But sources confirmed to Reuters that OPEC does not plan to take any immediate action regarding inviting Iran, a member of the organization.
Prices also reacted to US inventory data, which showed a decline in crude inventories by 4.5 million barrels in the week ending October 13 to 419.7 million barrels.
In terms of trading, Brent crude futures fell 0.5% to $91.06 per barrel.
US crude futures also fell by 0.26%, recording $88.09 per barrel.
