Oil Holds Near $52 as Venezuela Sanctions Largely Shrugged Off
Tuesday, 29 January 2019 08:32 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil held most of its biggest loss in a month as renewed concern over slowing global growth largely outweighed U.S. sanctions against Venezuela™s state oil company.

Futures rose 0.4 percent in New York, after dropping 3.2 percent in the previous session. The Trump administration issued new sanctions on Venezuela™s PDVSA that effectively block the regime of President Nicolas Maduro from exporting crude to the U.S. On Monday, Microchip-maker Nvidia Corp. and heavy-equipment giant Caterpillar Inc. warned of slowing growth in China and elsewhere.

West Texas Intermediate crude for March delivery rose 19 cents to $52.18 a barrel on the New York Mercantile Exchange at 9:11 a.m. in Singapore. The contract fell $1.70 to close at $51.99 a barrel on Monday.

Brent for March settlement declined 10 cents to $59.83. It broke below $60 for the first time in almost two weeks on Monday, dropping $1.71 to $59.93 on the London-based ICE Futures Europe exchange. The global benchmark crude was at a $7.94 premium to WTI.

Source : Bloomberg

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