Oil prices fluctuated strongly when the US was ready to impose sanctions on Venezuela.

• WTI oil price sometimes increased to nearly 80 USD when the US threatened to re-impose sanctions on Venezuela.

• Oil still finds its way to importers through other producers.

• DXY index is strong ahead of the Fed's first interest rate decision in 2024.

Oil prices are witnessing a highly volatile session on Wednesday after the US announced its readiness to impose new sanctions on Venezuela's oil industry. With this move, the US seems to be taking advantage of the free democratic election in the Latin American country, after opposition party leader Maria Corina Machado was banned from participating in the election by a court decision.

Meanwhile, the DXY Index has remained accumulated in a narrow range for nearly two weeks now. With the Fed's first interest rate decision due in the early hours of Thursday morning, markets will focus on Chairman Jerome Powell's speech for clues as to whether March or June is the right time. suitable for the first interest rate reduction. The US jobs report, expected on Friday, is also expected to cause sharp fluctuations.