London, Tuesday, 18 May 2022
On Tuesday, WTI crude futures fell more than 1.5 percent to below $113 a barrel, easing from daily highs of $115.5, on hopes that Venezuela could supply more oil to the market after the US extended a limited licence held by Chevron that allows the oil company to maintain operations in Venezuela and negotiate future business, temporarily lifting a ban on such discussions.
Oil prices were higher early in the afternoon as investors awaited news on a possible EU ban on Russian oil, which would further constrain global supply.
On Monday, EU foreign ministers failed to persuade Hungary to waive its veto on the Russian oil embargo, and some diplomats believe a May 30-31 meeting will be the time for a deal.
(Written and edited by: The Decision Maker)