India, July 25 -- 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 end...