Oil Stable As Economic Outlook Weighs, Venezuela Concerns Support

www.oann.com | 1/29/2019 | Staff
Coraav (Posted by) Level 3
SINGAPORE (Reuters) – Oil prices were stable on Tuesday, pressured by a cloudy outlook for the global economy but supported by worries over disruptions to supply from U.S. sanctions on Venezuelan exports.

U.S. West Texas Intermediate (WTI) crude futures were at $53.28 per barrel at 0111 GMT, 3 cents below their last settlement.

International - Brent - Crude - Oil - Futures

International Brent crude oil futures were 1 cent above their last close, at $61.33 per barrel.

This followed a 2-percent price jump the previous session, when markets first digested the U.S. sanctions on Venezuela’s oil exports.

Washington - Monday - Sanctions - Venezuela - Oil

Washington on Monday announced export sanctions against Venezuela’s state-owned oil firm PDVSA, limiting transactions between U.S. companies that do business with Venezuela through purchases of crude oil and sales of refined products.

The sanctions, aim to freeze sale proceeds from PDVSA’s exports of roughly 500,000 barrels per day (bpd) of crude oil to the United States. They are the toughest U.S. financial challenge yet to Venezuela’s embattled socialist president, Nicolas Maduro.

Step - Oil - Prices - Monday - Markets

The step pushed up oil prices on Monday, but markets appeared more relaxed on Tuesday as the sanctions only impact...
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