Oil Drops for Fourth Day With Venezuela Aiding Supply Outlook
- US nationwide stockpiles shrank 6.1 million barrels last week
- WTI trades near $79 a barrel after dropping 1.8% Wednesday
Oil fell for a fourth day as an improving supply outlook hit a market grappling with sluggish demand in the biggest importers.
West Texas Intermediate traded near $79 a barrel after closing down 1.8% on Wednesday. The Biden administration is in talks with Venezuela to explore a temporary lifting of sanctions that have hindered its oil sales. That comes on top of a surge in exports from Iran this month.
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Oil Drops for Fourth Day With Venezuela Aiding Supply Outlook