The WTI crude and Brent crude benchmarks fell on Thursday, despite multiple production outage fears in major producing countries, either real or prospective, including Venezuela, Libya, and Iran. At 2:40 pm EST, WTI had fallen by 1.61% to $70.68. Brent crude was trading down 1.33% at $78.78—after hitting a multi-year high of $80 earlier in the week. Despite the usual inventory rigamarole that moves prices, today’s oil climate has a host of catalysts pulling prices up and pressing them down—namely supply issues courtesy of Venezuela and Libya, and the possibility of disruption in Iran due to the sanctions. Meanwhile, Saudi Arabia and Russia, the mouthpieces of the OPEC/NOPEC production cut deal, are weighing on prices with promises to step in to fill any production gaps. OPEC has routinely said they are not targeting a specific price, but the general opinion is that OPEC heavyweight Saudi Arabia needs higher oil […]