Oil Slides on Venezuela Supply Fears, Copper Holds Flat
Crude oil futures dropped 1.11% to $90.00 per barrel on Thursday, despite ongoing geopolitical tensions in the Middle East. The decline reflects market uncertainty about Venezuela's potential production doubling. U.S. Energy Secretary Chris Wright stated Venezuela could more than double output in coming years if new deals proceed. That prospect, combined with rising bond yields and demand concerns, is keeping pressure on prices. Oil finds support at $88.50, with resistance near $92.50.
Key Takeaways Crude oil fell 1.11% to $90.00 per barrel despite geopolitical risks. Copper held flat at $6.59 per pound, range-bound between $6.50 and $6.75. The DBA agricultural ETF slipped 0.75% to $29.27 ami…
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