WASHINGTON (dpa-AFX) - Crude oil fell on Friday on reports that the U.S. might allow partners of Venezuela's state-run PDVSA to resume operations, sparking concerns of over-supply. Earlier in the day, crude oil traded in the positive territory as the U.S. signed a spate of trade deals with its major trading partners in the past few days.
West Texas Intermediate crude for September delivery closed, down $0.88 or 1.33 percent to $65.15 per barrel.
According to reports by Reuters, reversing the course, U.S. President Donald Trump's administration might now allow key partners of Venezuela's state-run PDVSA, starting with U.S. super-major Chevron, to restart pumping oil in Venezuela.
With the deadline for 'reciprocal tariffs' suspension period ending in less than a week, major US trading partners UK, China, Indonesia, Vietnam, and Philippines, and more recently, Japan secured a trading framework agreement with the U.S.
The meeting of the Joint Ministerial Monitoring Committee (JMMC), which includes top ministers from the OPEC+ is scheduled to meet on Monday.
According to another Reuters' report, the alliance is unlikely to alter their existing plans to raise output by 5,48,000 barrels per day in August.
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