Oil fell for a fourth day as an improving supply outlook hit a market grappling with sluggish demand in the biggest importers.
West Texas Intermediate futures traded below $79 a barrel after dropping 1.8% on Wednesday. The Biden administration is in talks with Venezuela to explore a temporary lifting of sanctions that have hindered its oil sales. That comes on top of a surge in exports from Iran this month.
A rally in crude that got underway in late June has faltered over the last couple of weeks due to a deteriorating economic situation in China and signs that US interest rates will need to stay higher for longer. That’s overshadowed a tightening market driven by Saudi Arabian and Russian supply cuts.
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