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Oil fluctuates between Venezuela and abundant US supply

January 31, 2019 06:50
Updated January 31, 2019 18:54

Oil rose in London and fell in New York with prices impacted by the crisis in Venezuela and the abundant production of the United States. Brent's North Sea barrel for March delivery rose 24 cents to $ 61.98 in the London market.

During the month, the barrel gained 15%. In New York, the WTI barrel, also in March, fell 44 cents to $ 53.79. In January, 18.5% were assessed after three consecutive months of loss. Prices have changed in recent days due to Washington's oil sanctions on Venezuela, which sells about 500,000 barrels a day.

"We now expect refineries to be launched in search of other sources of crude oil, which will raise prices," analysts at ANZ said. However, the WTI barrel was withdrawn because the United States recorded a 3% increase in its production in November compared to the previous month and 18% compared to the same month of 2017.

"While these data are somewhat old, they confirm that oil production in the country is growing more than previously thought," said John Kilduff, investment analyst at Again Capital.

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