Oil Prices Edge Lower On Profit Taking

(RTTNews) - Oil prices traded lower on Friday after the U.S. eased some sanctions on the oil industry in Venezuela.

A stronger dollar also prompted traders to book some profits after prices hit their highest levels since September the previous day amid tensions in the Middle East and production outages in Kazakhstan.

Benchmark Brent crude futures were down 0.9 percent at $68.99 a barrel while WTI crude futures fell 0.9 percent to $64.84.

Nevertheless, oil prices remain on course for their best monthly gain since July 2023, helped by ongoing geopolitical risks and supply issues.

The dollar traded higher, clawing back some of its slide on the week, as U.S. lawmakers reached an agreement to avoid a partial government shutdown and President Trump said he has chosen a very good person to be the new Federal Reserve chairman, with a formal announcement expected later in the day.

The U.S. Treasury Department issued a general license that expands the ability of American energy companies to purchase, refine, and transport crude oil originating in Venezuela.

The move came after Venezuela's acting President Delcy Rodriguez signed a law that will open the nation's oil sector to privatization.

Traders also braced for an upcoming OPEC+ meeting that could influence supply decisions.