Oil firms after two days of losses; eyes on Trump address

Guyana could soon eclipse Venezuela's oil production - News for the Oil and Gas Sector

Oil fell 1 percent on Wednesday after a report showed a rise in USA crude inventories, while concerns about the impact of us sanctions on Venezuela on global supplies eased.

Brent crude, the worldwide benchmark for oil prices, was trading at $62.22 a barrel Tuesday afternoon, down 0.4 percent, while West Texas Intermediate (WTI) stood at $54.30, down 0.5 percent.

The losses were said to be a reaction to USA government data showing new orders for us -made goods fell in November, especially for machinery and electrical equipment, as well as Genscape reporting that crude inventories at Cushing, Oklahoma rose by over 943,000 barrels in the week to February 1.

In the previous week ending January 25, API reported a build of 2.098 million barrels.

Gasoline stocks increased by 513,000 barrels, less than anticipated, while distillate stockpiles posted a larger-than-expected drop by 2.3 million barrels.

The producers' alliance, known as OPEC+, began cutting production from last month to avert a new supply glut.

"Basically it's a pretty supportive report", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

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

Meanwhile, imports are set to drop further as the USA slapped sanctions on Venezuelan state oil company PDVSA.

When asked about how European and Asian customers could be convinced to buy oil from Venezuela, risking sanctions from Washington, he stated that now, Washington's sanctions apply only to USA entities.

U.S. sanctions on Venezuela's state oil company could also lift prices, though they have yet to trigger any sharp increase.

Venezuela, like fellow OPEC members Iran and Libya, was exempt from production curbs under the OPEC+ deal on expectations that its output faced involuntary downward pressure in 2019. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies. -China trade war, which has dragged on world markets as investors worry that the dispute could contribute to a potential global economic slowdown. Oil 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.

The statements come after Venezuelan President Nicolas Maduro criticized USA sanctions on Venezuelan state energy giant PDVSA on 5 February and said that the restrictions were tantamount to illegal seizure.

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