West TX Oil Remains Above $107 On Oil Export Report

U.S. crude futures stood not far off $107 a barrel after jumping more than $1 in early Asian trade on a report the U.S. Commerce Department has approved exports of a light oil called condensate.  The move, if confirmed, effectively loosens a 40-year ban on most U.S. crude oil exports.

U.S. crude for August delivery rose 77 cents to stand at $106.80 by 0835 GMT, after briefly hitting $107.50. Crude closed at $106.03 in the previous session.  Brent for August delivery fell 46 cents to $114, down from $114.46.

The U.S. Commerce Department has approved plans by two companies, Pioneer Natural Resources and Enterprise Product Partners LP, to export condensate in a private ruling, the Wall Street Journal reported on Tuesday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.