Oil Near Three-Month High on Trade Optimism and Supply Curbs

The video discusses the dynamics of the oil market, focusing on the OPEC+ deal and the roles of Saudi Arabia and Russia. Saudi Arabia has been aggressive in cutting production, while Russia has not significantly reduced its output. The impact of American sanctions on Venezuela and Iran is minimal, but the type of crude oil affects pricing. The video also touches on the influence of US-China relations on market sentiment, noting that progress in their relationship could lift the oil market, though concrete evidence of improvement is lacking.

In what ways do American sanctions on Venezuela and Iran influence the oil market?

What is the significance of the potential progress between the US and China for the oil market?