Oil prices are on track to extend last week's rally rising tensions in the Middle East countered news that Venezuelan oil production could soon start climbing.
Crude oil prices started trade today with a gain that could extend a winning streak that began last week. At the time of writing, Brent crude was trading at $93 per barrel, with WTI at over $90. The war premium that emerged when Hamas attacked Israel earlier this month is still very much present, with the added bullish news that the U.S. Department of Energy is seeking to buy 6 million barrels of crude for the strategic petroleum reserve.
The upside potential of prices was slightly dampened earlier this week, when Washington said it would lift sanctions on Venezuelan oil for six months if the government of Nicolas Maduro agrees on holding elections with the local opposition. The bearish effect did not last long, however. 'The prospect of more Venezuela oil did little to ease concerns of disruptions in the Middle East,' ANZ analysts said in a note quoted by Reuters.
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