Oil edges down as U.S. supplies, economic worries eclipse Venezuela turmoil
Friday, 25 January 2019 20:02 WIB |
Oil prices fell slightly on Friday as concerns about U.S.-China trade talks and fresh data on surging U.S. fuel stocks sent a chill through markets.
The bearish sentiment appeared to outweigh the possibility that turmoil in Venezuela may lead to tighter global supply if the United States imposes sanctions on Venezuelan exports.
Brent crude oil futures were at $60.86 a barrel at 12:15 GMT, down 23 cents, or 0.38 percent. Brent has shed about 2.9 percent since the start of trade on Monday and is on track to post its first week of losses in four weeks.
U.S. West Texas Intermediate (WTI) crude futures were trading at $53.06 per barrel, down 7 cents, or 0.13 percent.
Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president this week, winning recognition from Washington and parts of Latin America.