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The WTI prices remained positive on Wednesday after the EIA inventory report joined hands with Venezuelan sanctions and supply outages at Canada and Mexico.

Prices have been buoyed by a new round of supply cuts from the Organization of the Petroleum Exporting Countries and its allies that began in January.

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.

The report revealed that there have been encouraging signs in trade talks between the United States and China over tariffs recently, and any agreement between the two countries could provide upside to oil demand, and indeed oil prices, going forward.

Brent crude oil futures were last down $0.12 at $62.57 a barrel by 1022 GMT, while United States crude futures were down $0.07 at $53.94 a barrel.

Saudi Arabia's exports to the USA finished 2018 at just 530,000 barrels per day, a massive drop from the 940,000 overage over the last five years.

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A day after the American Petroleum Institute disappointed oil bulls by reporting an estimated inventory build across the board, the Energy Information Administration deepened the mood by saying USA crude oil inventories added 1.3 million barrels in the week to February 1. Elsewhere, supplies from OPEC face heightened uncertainty after Libya's eastern leader Khalifa Haftar said his forces have taken control of the country's largest oil field.

Saudi Arabia, the world's top oil exporter, told OPEC it had pumped 10.24 million barrels per day (bpd) in January, two OPEC sources told Reuters, exceeding requirements agreed in the supply pact. The sanctions will limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran previous year, some analysts said after examining details announced by the USA government.

According to latest OPEC forecasts, global oil demand will grow by 1.29mn bpd in 2019, the lowest rate of growth since 2013. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies. The global benchmark crude was at an $8.36 premium to WTI for the same month.

Expectations of reduced supplies following a December accord by OPEC, and non-OPEC nations like Russian Federation, to reduce output by 1.2 million barrels per day is expected to contribute to support the market.

Analysts said that USA sanctions on Venezuela had focused market attention on tighter global supplies.

Senior US and Chinese officials are poised to start another round of trade talks next week.