Oil edges lower, Brent holds above $91

Oil drilling rigs

Oil declined today, Oct. 19, amid market optimism regarding the US government easing restrictions on Venezuelan oil exports. However, the latest official data on US oil inventories showed a fall in stockpiles.

International benchmark Brent crude was trading down 0.39% at $91.14 a barrel, at 08:00 am Makkah time.

West Texas Intermediate (WTI) crude contracts for November delivery (which expire on Friday) fell 0.16% to $88.18 a barrel, while the December contracts declined 0.19% to $87.10 a barrel.

On Oct. 18, the US announced a partial, but significant, easing of sanctions imposed on the oil and gas sector in Venezuela after the government and the opposition in the country reached an agreement regarding the 2024 elections.

Meanwhile, US Energy Information Administration data showed a decline in oil inventories in the country last week by 4.5 million barrels, exceeding expectations, due to increased demand for diesel and heating fuel.