Oil slips on API report of US inventory rise

US oil prices edge up as market eyes tighter supply

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 futures rose 62 cents, or 1 percent, to $62.60 a barrel by 11:33 a.m. EST (1633 GMT).

US West Texas Intermediate (WTI) crude futures gained 43 cents, or 0.8 percent, to $54.09 a barrel after posting a session low of $52.86 a barrel.

Maduro, who retains control over the state, denounces Guaido as a USA puppet who is seeking to foment a coup against him. All in all, many analysts expect the heightened oil price volatility we have been witnessing for a few months now to remain throughout 2019.

However, U.S. crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday.

Price support is provided by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) to tighten the market.

While OPEC and allied producers are slashing their output in an attempt to boost crude prices, which saw a rapid fall past year, the U.S. has been opposing the measure and vowed to continue expanding its supply.

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Just look at the cake! It's no surprise that Kylie wants to have more children , she's clearly obsessed with her little Stormi . In a February 2 Instagram post , Kylie posted a photo of her with Travis, and wrote a cryptic caption: " baby #2? ".

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Someone else wrote: "Plane crashed near my house in Yorba Linda". "And then all of a sudden boom". He looked out his front door and could see plane parts falling out the sky in the distance.

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Sanchez said he wanted Spain to spearhead a plan of humanitarian aid for Venezuela in the European Union and United Nations. German Chancellor Angela Merkel said during a visit to Japan that Guaido "is the legitimate interim president".

The producers known as OPEC+ began cutting production by 1.2 million barrels per day from last month to avert a new supply glut and OPEC has delivered nearly three-quarters of its pledged cutback already, according to a Reuters survey.

Inventories of winter fuel in the US fell more than expected last week as cold polar air blasted the nation, though crude stockpiles rose amid record output, according to the Energy Information Administration.

"The fact that US crude oil and gasoline stocks rose more sharply than expected, as reported by the API after close of trading yesterday, is weighing on prices", said Carsten Fritsch, analyst at Commerzbank. The sanctions aim to block USA refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro. A week earlier, inventories recorded a 1.1-million-barrel decline and production averaged 5 million bpd.

Market participants are also watching for developments surrounding the U.S.

"Supply fundamentals have increasingly been turning supportive in recent weeks, but against this the market still worries about the yet-to-be-realised - if at all - impact on demand from weaker macroeconomic fundamentals".

The U.S. has struck the "right balance" to meet U.S. market needs and all options and "are on the table" going forward, Mnuchin told reporters outside the White House.

Adding to the bearish sentiment, CNBC reported that a meeting between President Donald Trump and his Chinese counterpart Xi Jinping was "highly unlikely" before the March 1 deadline set by the US for reaching a trade deal.

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