Oil edges up as US threatens sanctions on Venezuela
Global oil markets are well supplied as US output and storage levels surge
London — Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the US makes good on signals that it could impose sanctions on Venezuelan exports. But fresh data on surging US fuel stocks and worries about US-China trade talks weighed on prices. Brent crude oil futures were at $61.17 a barrel at 9.55am GMT, up 8c, or 0.13%. Earlier on Friday, the international benchmark crude rose as high as $61.92. Brent, however, has shed about 2.4% since the start of trade on Monday and is on track to post its first week of losses in four weeks. US West Texas Intermediate (WTI) crude futures were at $53.34 a barrel, up 21c, or 0.4%. Amid violent street protests, Venezuela’s opposition leader Juan Guaidó declared himself interim president this week, winning recognition from Washington and parts of Latin America. Nicolás Maduro, the country’s leader since 2013, responded by breaking relations with the US. “The oil market is partially pricing in the r...
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