US government data on Wednesday showed that domestic crude inventories rose less than expected last week even as refineries hiked output.
U.S. government data on Wednesday showed that domestic crude inventories rose by less than expected last week even as refineries hiked output.
This news may have been offset by robust U.S.jobs data and a stronger-than-expected ISM Manufacturing PMI report on Friday, but traders turned bearish on Monday when the government reported that new orders for us -made goods unexpectedly fell in November amid sharp declines in demand for machinery and electrical equipment, suggesting a slowdown in manufacturing as 2018 ended.
The American Petroleum Institute (API) on Tuesday reported an increase of 2.514 million barrels in the US crude oil inventories for the week ending February 1. The government's official supply report is due later on Wednesday.
The West Texas Intermediate (WTI) for March delivery erased 0.90 USA dollar to settle at 53.66 dollars a barrel on the New York Mercantile Exchange. U.S. West Texas Intermediate (WTI) crude was down 33 cents at $53.33.
"PDVSA will redirect exports to other customers in Europe and Asia", the technical adviser at Venezuela's oil company PDVSA and Petroleum Ministry, Ronny Romero, told Sputnik. US sanctions on Venezuela's state oil company could also lift prices, though they have yet to trigger any sharp increase.
OPEC and 10 partner producers outside the cartel agreed late past year to hold back crude output by 1.2 million barrels a day for the first half of 2019, in an effort to soak up a global supply glut and rebalance the market.
ISIS regrouping quicker in Iraq than Syria, says US-led coalition
Withdrawal from Syria was not a decision that former Defense Secretary Jim Mattis agreed with; in fact, he resigned because of it. However, the official said that "ensuring the enduring defeat of ISIS requires focus on Iraqi stability and regional stability".
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 U.S. entities.
Venezuela, like fellow OPEC members Iran and Libya, was exempt from production curbs under the deal on expectations that its output faced involuntary downward pressure in 2019.
"The global oil supply/demand balance could shift from a current significant surplus to zero at the end of the year", Pictet Wealth Management analyst Jean-Pierre Durante wrote in a report. -China trade dispute have also weighed on the market.
Also dampening market sentiment were worries about weaker global economic growth and the U.S.
OPEC oil supply fell in January by the largest amount in two years despite sluggish production declines from Russian Federation, according to a Reuters survey.
With a nervous market, traders are focused on the US State of the Union address by President Donald Trump.