(RTTNews) – After ending final Friday’s uneven buying and selling day modestly decrease, the value of crude oil has proven a extra substantial transfer to the draw back throughout buying and selling on Monday.
Crude for January supply has tumbled $0.62 or 1.1 % to $56.82 a barrel after slipping $0.16 or 0.3 % to $57.44 a barrel within the earlier session.
The steep drop by the value of crude oil got here as lingering oversupply considerations offset worries about potential provide disruptions.
Merchants additionally stored a watch on developments within the Russia-Ukraine, with the potential for a peace deal weighing on oil costs.
Ukrainian President Volodymyr Zelenskyy has supplied to drop Ukraine’s aspirations to hitch the NATO army alliance following talks with america.
In the meantime, merchants appeared to shrug off potential provide disruptions resulting from rising tensons between america and Venezuela.
Final week, the U.S. seized an oil tanker off the coast of the South American nation and likewise introduced a sequence of latest sanctions concentrating on the household of Venezuelan President Nicolas Maduro.
“Nicolas Maduro and his prison associates in Venezuela are flooding america with medication which are poisoning the American folks,” mentioned Secretary of the Treasury Scott Bessent.
Venezuela’s overseas ministry mentioned it “strongly denounces and condemns what constitutes blatant theft and an act of worldwide piracy.”
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