Oil slips on API report of US inventory rise

07 February, 2019, 23:53 | Author: Mary Valdez
  • OPEC supply fell in January by the largest amount in two years

US imports of Venezuelan crude fell 41 percent to 345,000 barrels a day last week, the least since August, according to preliminary EIA data.

Crude oil prices edged lower on Monday after sharp gains during the previous session but were supported by expectations of shrinking supply and signs that China-US trade tensions could ease.

"In a market that's looking for direction, there's concern that any slowdown in the manufacturing sector would slow down demand".

"WTI and Brent crude oil both remain rangebound following a failed attempt to move higher", said Ole Hansen, head of commodity strategy at Saxo Bank.

"We've been turning the heat up on the regime", Mnuchin said Wednesday, touting the effectiveness of fresh sanctions that President Donald Trump's administration imposed January 28.

However, U.S. crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday. Brent reached $63.63 a barrel, the highest since December 7, while WTI climbed to $55.75 a barrel, the strongest since November 21.

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The producers known as OPEC+ began cutting production by 1.2 million barrels per day from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already, according to a Reuters survey. OPEC supply fell last month by the largest amount in two years, a Reuters survey last week found.

"The other practical problem is that, given the sanctions, we should no longer manage Venezuela from the United States. but from Europe", the manager said, noting that Total of course will be complying with the USA sanctions and has put its Venezuelan operations in a "hibernation mode".

Venezuela's opposition is opening a USA fund to receive the proceeds of oil sales, a key measure to secure revenue for its effort to dislodge President Nicolas Maduro, an opposition lawmaker said on Wednesday.

However, while OPEC is cutting output, the United States has expanded supply, with production most recently totaling 11.9 million bpd.

Traders are still anxious about the global economic slowdown especially because of the uncertainty surrounding the U.S. -China meetings next week ahead of a March 1 deadline for trade tariffs to rise.

Venezuela's oil exports fell to a 10-month low in January following new sanctions on the nation's state-owned oil company Petroleos de Venezuela SA that effectively block Maduro's regime from exporting crude to the U.S.

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