Oil prices are going down because there is more oil stored around the world and worries about too much supply.
Chevron, Vitol, and Trafigura are competing to secure deals for exporting up to 50 million barrels of Venezuelan crude oil from the United States.
Crude oil prices might go up because there's still a lot of tension between countries and it's not clear how much oil will be available in the future.
The price of West Texas Intermediate (WTI) oil dropped a bit after it had gone up more than 4% the day before. On Friday during Asian trading hours, it was around $58.10 per barrel. The decline happened because there are more oil supplies than needed and storage levels are getting higher around the world.
Big oil company Chevron, along with global trading companies Vitol and Trafigura, and other businesses are trying to get contracts from the US government to sell Venezuelan crude oil. They are all competing to sell up to 50 million barrels of oil that PDVSA has stored, while talks about exporting Venezuelan oil are still continuing.
Crude oil prices may go up more because there are worries about possible supply problems from Venezuela and Iran. Geopolitical tensions are still going on, and the markets are dealing with uncertainty about future oil supplies. US President Donald Trump said the US would respond strongly if there was a deadly attack on protesters in Iran. At the same time, traders are watching what the US is doing with Venezuela and the increased talk about Greenland.
US Senator Lindsey Graham said he met with President Trump at the White House on Wednesday. During their meeting, Trump agreed to move forward with a bill that has been waiting for a long time. The bill is about Russia sanctions. Graham explained that this law would let the President punish countries that buy cheaper Russian oil, which helps support Russia's war. He mentioned China, India, and Brazil as countries that might be targeted.
Meanwhile, the US actions in Venezuela got attention after Washington seized two oil tankers connected to the country in the Atlantic, including one that was flying the Russian flag. This shows that the US is trying harder to control energy movement and carry out sanctions, according to Reuters.
Chevron, Vitol, and Trafigura are competing to secure deals for exporting up to 50 million barrels of Venezuelan crude oil from the United States.
Crude oil prices might go up because there's still a lot of tension between countries and it's not clear how much oil will be available in the future.
The price of West Texas Intermediate (WTI) oil dropped a bit after it had gone up more than 4% the day before. On Friday during Asian trading hours, it was around $58.10 per barrel. The decline happened because there are more oil supplies than needed and storage levels are getting higher around the world.
Big oil company Chevron, along with global trading companies Vitol and Trafigura, and other businesses are trying to get contracts from the US government to sell Venezuelan crude oil. They are all competing to sell up to 50 million barrels of oil that PDVSA has stored, while talks about exporting Venezuelan oil are still continuing.
Crude oil prices may go up more because there are worries about possible supply problems from Venezuela and Iran. Geopolitical tensions are still going on, and the markets are dealing with uncertainty about future oil supplies. US President Donald Trump said the US would respond strongly if there was a deadly attack on protesters in Iran. At the same time, traders are watching what the US is doing with Venezuela and the increased talk about Greenland.
US Senator Lindsey Graham said he met with President Trump at the White House on Wednesday. During their meeting, Trump agreed to move forward with a bill that has been waiting for a long time. The bill is about Russia sanctions. Graham explained that this law would let the President punish countries that buy cheaper Russian oil, which helps support Russia's war. He mentioned China, India, and Brazil as countries that might be targeted.
Meanwhile, the US actions in Venezuela got attention after Washington seized two oil tankers connected to the country in the Atlantic, including one that was flying the Russian flag. This shows that the US is trying harder to control energy movement and carry out sanctions, according to Reuters.
