Oil steady on Venezuela exports, supply concerns

Oil prices steadied on Wednesday after Venezuela raised the prospect of a halt to some crude exports, easing worries about oversupply after reports that the U.S. government had asked Saudi Arabia and some other producers to increase output.

Falling Venezuelan oil output helped push crude benchmark Brent LCOc1 to more than $80 a barrel last month, but prices have eased since then on talk of higher supply by other members of the Organization of the Petroleum Exporting Countries.

Venezuela has the world’s biggest oil reserves and is a key supplier to American fuel markets but its output has been hampered by inadequate investment, mismanagement and a confrontation with the United States that has led to sanctions.
more at: https://www.reuters.com/article/us-global-oil/u-s-oil-prices-inch-up-on-fall-in-local-crude-stockpiles-idUSKCN1J203D

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