Oil Slides on Disappointing U.S

Oil Slides on Disappointing U.S

Oil Slides on Disappointing U.S

Meanwhile, imports are set to drop further as the USA slapped sanctions on Venezuelan state oil company PDVSA.

Crude oil prices on Thursday showed a softer outlook with investors concerned about the direction of the global economy, and following only limited support after the latest United States inventory report showed a modest build. The WTI prices remained positive on Wednesday after the EIA inventory report joined hands with Venezuelan sanctions and supply outages at Canada and Mexico.

A report published by the US Energy Information Administration (EIA) last week showed that the country's oil production averaged a record 11.9 million barrels a day in November, up 345,000 from October and up almost 1.8 million compared with November 2017's average figures.

U.S. West Texas Intermediate (WTI) crude futures were at $53.66 per barrel at 0744 GMT, down 35 cents, or 0.7 percent, from their last settlement.

Earlier, oil price came under pressure following weekly data showing rise in U.S. stocks.

International Brent crude oil futures were at $62.72 a barrel, also up 21 cents or 0.4 percent, after closing down 0.4 percent in the previous session.

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"In a market that's looking for direction, there's concern that any slowdown in the manufacturing sector would slow down demand".

Citgo, the eighth-largest US refiner and Venezuela's top foreign asset, is in the middle of a tug of war as the Trump administration has made aggressive moves to remove it from Maduro's control. US crude was down 48 cents at $53.18.

Price support is provided by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) to tighten the market.

"Supply fundamentals have increasingly been turning supportive in recent weeks, but against this the market still worries about the yet-to-be-realized - if at all - impact on demand from weaker macroeconomic fundamentals". "China trade talks", said Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut. Output from OPEC's 14 current members fell by 930,000 barrels a day to 31.02 million, according to a Bloomberg survey. "Around a third of Venezuela's exports head to the United States, as such, we expect Venezuelan exports to quickly fall by 300,000 barrels per day (bpd) to around 700,000 bpd", ANZ bank said on Thursday.

"The global oil supply/demand balance could shift from a current significant surplus to zero at the end of the year", Jean-Pierre Durante, an analyst at Pictet Wealth Management, wrote in a report, if producers comply with the decision and extend it until December.

U.S. President Donald Trump said in his State of the Union address that a trade deal was possible with China.

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