Oil near US$86 as Biden commits to Israel trip to contain crisis
BNN Bloomberg
Oil fluctuated near US$86 as the U.S. intensified diplomatic efforts to contain the crisis in Gaza, with President Joe Biden slated to visit Israel this week to try to prevent a regional conflagration.
Biden will travel to the country on Wednesday to show his support after the Oct. 7 attacks by Hamas that sparked the conflict. At the same time, markets remain on edge as Israel is still making plans for a ground offensive into Gaza.
West Texas Intermediate briefly dropped below one per cent as Russia’s Central Bank reiterated expectations that OPEC+ may consider an increase in output at the beginning of 2024. Last week, Russian Deputy Prime Minister Alexander Novak said that it’s still too early to talk about what market decisions OPEC+ may take at its meeting in November in an interview with RT Arabic TV.
Crude traders are also tracking events in Barbados, where Venezuela’s government is expected to sign a deal with the US-backed opposition later on Tuesday. In exchange for a freer presidential election next year, the agreement could pave the way for the U.S. to ease sanctions against the country, potentially boosting oil exports.
