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MTECHTIPS;-Oil prices flat, caught between Venezuela supply concerns and gloomy economic outlook

Wednesday, January 30, 2019 6:47

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MTECHTIPS;-Oil prices flat, caught between Venezuela supply concerns and gloomy economic outlook

MTECHTIPS-Oil prices held steady on Wednesday, supported by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by a darkening outlook for the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $53.30 per barrel at 0748 GMT, virtually unchanged from their last settlement. International Brent crude oil futures were also flat, at $61.32 per barrel. Washington on Monday announced export sanctions against state-owned oil firm Petroleos de Venezuela SA (PDVSA), limiting transactions between U.S. companies that do business with Venezuela’s state-owned oil firm PDVSA. “The sanctions so far have been mostly disruptive for refiners on the U.S. Gulf Coast, who are being forced to seek alternative heavy crude supplies, and have stepped up purchases from Canada,” said Vandana Hari of Vanda Insights, an energy consultancy. 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. Although the move pushed up oil prices, markets appeared relatively relaxed as the sanctions only affect Venezuelan supply to the United States

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