Venezuelan opposition readies USA fund to receive oil revenue

OPEC supply fell in January by the largest amount in two years

OPEC supply fell in January by the largest amount in two years

More stringent sanctions on Venezuela that bar companies that do business with PDVSA from accessing the US financial system resemble Washington's measures on Iran, ANZ Banking Group said.

Oil prices rose about 1 percent on Wednesday, boosted by signs of strong USA demand for distillate products and tightening global crude supply, but gains were capped by a rising US dollar and ongoing concerns about a global economic slowdown. Later in the year, it expects markets to remain fairly balanced due to a combination of waivers expiring for importers of Iranian oil, and because of a roll-over of the OPEC+ agreement into H2 2019.

According to the Energy Information Administration (EIA), U.S. crude oil inventories climbed by 1.3 million barrels in the week-ended February 1 to 447.21 million barrels.

U.S. West Texas Intermediate (WTI) crude was down 13 cents at $53.53.

In particular, he said, the market is anxious about whether demand is sufficient to absorb growing crude production from the U.S.

US crude inventories rose by 2.5 million barrels last week, the American Petroleum Institute said on Tuesday.

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Total products supplied over the last four-week period averaged 21.2 million barrels per day, up by 2 percent from the same period previous year.

Expectations of reduced supplies following a December accord by OPEC, and non-OPEC nations like Russian Federation, to reduce output by 1.2 million barrels per day is expected to contribute to support the market.

The producers, known as OPEC+, began cutting production from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already.

Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.

Yet some investors believe these concerns may be overblown, in light of the decline in OPEC production and a squeeze on supply from Iran and Venezuela from U.S. sanctions.

Washington said last week that after April 28 foreign companies would not be able to conduct business with Venezuelan state-run oil firm PDVSA using the US financial system, effectively banning them from paying in USA dollars.

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A stronger USA dollar limited gains on Wednesday.

"We believe that financial markets may be overestimating the risks of a global recession", said Jean-Pierre Durante, Head of Applied Research at Pictet Wealth Management.

The oil price is showing a 20 percent gain so far this year.

U.S. President Donald Trump said in his State of the Union address that a trade deal was possible with China.

Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by March 1.

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