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Crude futures rise as global politics is expected to affect supply
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Oil steadies as investors weigh up odds of global supply squeeze
07 February 2019, 02:54 | Hattie Nash
Venezuelan opposition readies U.S. fund to receive oil revenue
Prices have been buoyed by a new round of supply cuts from the Organization of the Petroleum Exporting Countries and its allies that began in January.
Oil prices rose about 1 percent on Wednesday, boosted by signs of strong United States demand for distillate products and tightening global crude supply, but gains were capped by a rising U.S. dollar and ongoing concerns about a global economic slowdown, Trend reports citing Reuters. The government's official supply report due later on Wednesday.
USA benchmark March West Texas Intermediate crude oil US:CLG9 rose 35 cents, or 0.7%, to settle at $54.01 a barrel on the New York Mercantile Exchange. The contract increased 35 cents to $54.01 on Wednesday.
U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended February 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.
Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to knock out at least 500,000 bpd of crude exports.
Lower OPEC output and hopes of some progress over the US-China trade dispute have helped Brent prices recover to around US$60 per bbl, although the outlook on oil demand remains subdued.
Traders are watching how long a partial closure of the Keystone oil pipeline would last after the discovery of a possible leak in the area of St. Louis Missouri.
Crude shipments to the US from OPEC and its partners fell to 1.41 MMbpd in January, the lowest in five years, according to data from cargo-tracking and intelligence company Kpler. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a delegation to Beijing next week to lay the groundwork for a meeting between Presidents Donald Trump and Xi Jinping later this month. The lender sees Venezuelan oil exports quickly falling by 300,000 barrels a day to about 700,000 barrels a day.
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New York Knicks trade Kristaps Porzingis to the Mavericks
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Liam Neeson Admits To Rape Revenge Fantasy
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