Oil Edges Up As Market Eyes Tighter Supply | NTA.ng - Breaking News, Nigeria, Africa, Worldwide
07 February, 2019, 00:56
U.S. West Texas Intermediate (WTI) crude futures were at $54.77 per barrel at 0223 GMT, up 21 cents or 0.4 percent.
USA government data on Wednesday showed that domestic crude inventories rose less than expected last week even as refineries hiked output.
Opec's sales to the world's biggest economy fell 22 per cent month-on-month and 37 per cent year on year, to 1.4m barrels per day, data from energy intelligence company Kpler shows.
"PDVSA will redirect exports to other customers in Europe and Asia", the technical adviser at Venezuela'soil company PDVSA and Petroleum Ministry, Ronny Romero, told Sputnik.
Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels.
The producers known as OPEC+ began cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut and OPEC has delivered nearly three quarters of its pledged cuts already, a Reuters survey showed.
On Tuesday, The Wall Street Journal reported that OPEC officials said Saudi Arabia and its Persian Gulf allies were looking to create a formal partnership with a 10-nation group led by Russian Federation to manage the world's oil market.
The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran a year ago, experts said after examining details posted by the Treasury Department.
If sanctions compel USA oil companies to wind down their business in the Latin American nation, production could sink to 600,000 barrels a day, according to Rapidan Energy Group.
Meanwhile, Juan Guaidó, the Venezuelan opposition leader recognized as the country's interim president by the US and several major European countries, has ordered Venezuela's congress to appoint new boards at PDVSA and its USA refining unit Citgo, Reuters reports.
The impact of OPEC+'s supply curbs has been boosted by US sanctions on Venezuelan state-owned oil firm PDVSA.
OPEC's share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.
"Despite several forays in WTI above our prior resistance of $55, the market continues to draft back down largely under the pressure of this week's stronger dollar", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Concern about weaker global economic growth and the trade dispute between the United States and China have also weighed on sentiment. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.
Senior U.S. and Chinese officials are poised to start another round of trade talks next week.
Investors will be looking for clues in President Trump's State of the Union speech on a number of matters, but crude oil traders will be listening for positive comments about U.S.
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