Venezuela chaos drives Brent crude higher
US crude futures were, however, down 19c at $59.75 a barrel after a report that US crude stocks rose
London — Benchmark oil prices edged higher on Wednesday, boosted by further disruptions to Venezuela's crude exports which have helped tighten global inventories in recent weeks. Brent added 13 US cents, or 0.2%, to $68.10 a barrel by 9.10am GMT, and was not far off its year-to-date high of $68.69 reached last week. US crude futures were, however, down 19c at $59.75 a barrel after a report that domestic crude inventories rose. Venezuela's main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month. Crude exports from the key Opec member have dropped sharply since Washington in January banned U.S. refiners from buying Venezuelan oil. Prices have risen more than 25% this year, supported by supply curbs by Opec and other major producers, along with US sanctions on exports from Venezuela and Iran. At the same time, short-term disruptions in the US have also lent support. The US Coast Guard...
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