US crude oil inventories increase last week: API

US crude oil inventories increase last week: API

Also dampening market sentiment were worries about weaker global economic growth and the U.S.

Brent crude, the global benchmark, was trading below $63 a barrel on Tuesday compared to $61 on January 29, the day after the United States imposed sanctions on Venezuelan state oil firm PDVSA.

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

The oil industry generally believes the curbs will help balance the market in 2019.

The producers' alliance, known as OPEC+, began cutting production from last month to avert a new supply glut. This notion was supported last week by a Reuters survey which showed that supply from OPEC states had fallen the most in two years. “This means that Europeans are likely to join the US oil sanctions against Venezuela, ” analysts at Commerzbank said in a note, a move that could further hinder supply from the South American country.

Kyle Lowry Talks Raptors Trade Rumors: "They Will Make Decisions For Themselves"
Kyle Lowry appears to be one of those players, but the Raptors starting point guard is taking everything in stride. Conley, who's averaging 20.4 points and 6.3 assists in 53 games this season, looks like the Pistons' man.

Goalkeeper Joe Day runs off pitch after news of wife entering labour
The club later tweeted: "Everyone connected with Newport County AFC would like to wish County's Number One Joe Day and his wife Lizzy all the very best!"

Meghan Markle's friends say she is being 'bullied'
Since then, Thomas has claimed in multiple interviews that he's been " frozen out " by the royal family. I wish she would reach out, send me a text, anything.

Two weeks ago China announced that its official economic growth came in at 6.6 percent in 2018, the slowest pace since 1990.

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. Many U.S. refineries are created to run heavier, sour grades of crude, a good portion of which comes from Venezuela. Oil fell on Tuesday after a survey showed euro zone business expansion almost stalled in January. Therefore, I have to conclude that speculation over the positive outcome of U.S.

Trading proceeded at lower volumes in parts of East Asia due to the Lunar New Year holiday.

It nearly goes without saying that accompanying the sentiment will be crude analysts playing it safe by making wide-ranging predictions about market movement, for example, Ted Seifried, chief market strategist at Zaner AG Hedge, told Bloomberg television on Tuesday that "I'm wondering if crude oil backs up, has a bit of a correction - maybe we get down to, say, the $48-$40 level or so in WTI - and then we see a bounce from there.and eventually get into the mid $60s".

The Trump administration unveiled sanctions on Venezuela's state-owned oil firm Petróleos de Venezuela SA late last month in an effort to cut off money to embattled President Nicolás Maduro, days after opposition leader Juan Guaidó declared himself interim president of the country and gained much global support.

Related Articles