Wednesday, 24 April, 2019

Brent price forecast to US$66 per bbl for 2019: Jadwa Investment

US oil prices edge up as market eyes tighter supply Venezuelan opposition readies U.S. fund to receive oil revenue
Lloyd Bates | 08 February, 2019, 00:25

Oil prices rose on Wednesday after data showed US crude inventories rose less than expected.

USA crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said.

Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to freeze sales proceeds of Venezuelan crude exports to the United States.

Saudi Arabia, the world's top oil exporter, told OPEC it had pumped 10.24 million barrels per day (bpd) in January, two OPEC sources told Reuters, exceeding requirements agreed in the supply pact.

Brent crude, the global benchmark, slipped 49 cents to $61.49 a barrel as of 1053 GMT.

Oil prices fell on Monday after disappointing USA factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and US sanctions against Venezuela pointed to tighter supply.

In gasoline, the authority reported a build of 500,000 barrels, with daily production at a little less than 9.9 million barrels.

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The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran previous year, experts said after examining details posted by the Treasury Department.

The key story supporting the market and driving the price action is the OPEC-led production cuts.

Earlier, oil price came under pressure following weekly data showing rise in U.S. stocks. The surge comes shortly after Washington slapped sanctions on the Venezuelan state oil company PDVSA. Venezuela, an OPEC member, is like Iran and Libya exempt from making voluntary curbs under the deal. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.

About a dozen tankers carrying over 7 million barrels of Venezuelan crude and products were anchored this week at the U.S Gulf Coast waiting for directions on how to pay for the cargoes following the sanctions, according to Refinitiv Eikon data.

Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

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.

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