US Treasury Secretary Bessent: Oil market is well supplied

Eren Sengezer FXStreet

In an interview with Fox News on Monday, United States (US) Treasury Secretary Scott Bessent said that the Oil market is well supplied, but added that any additional supply would be helpful, per Reuters.

Bessent explained that they are seeing more Oil supply as countries cut deals with Iran and noted that the US will take control of the Strait of Hormuz over time.

Market reaction

These comments failed to trigger a significant market reaction. At the time of press, US stock index futures were rising between 0.7% and 0.8%.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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