Oil dips. Treasury official says Biden wants more investment in hydrocarbons

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Oil dips. Treasury official says Biden wants more investment in hydrocarbons

<p>Oil has taken a tumble in the last 40 minutes and it's not clear what's behind it. The selling accelerated after PPI with some broad USD strength and that's also a time when liquidity in the oil market improves.</p><p>After the dip in prices, this was an interesting comment from deputy Treasury Secretary Wally Adeyemo:</p><blockquote>The President wants more investment in hydrocarbons. He's called for it. We're seeing more of it. Right now we're on pace -- in 2023 -- to have the largest level of production in history. We want to do more. What the President has said to the Secretary of Energy is that if there are any good ideas out there that are coming from the industry, please bring them forward because we want to produce more. </blockquote><p>The industry wanted to build Keystone XL. Maybe bring that back rather than dropping sanctions on Venezuela?</p>

                This article was written by Adam Button at forexlive.com.

Source: Oil dips. Treasury official says Biden wants more investment in hydrocarbons

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