Oil prices rise following US sanctions against Venezuelan company – Xinhua

HOUSTON, Feb. 2 (Xinhua) – Oil prices rose in the week ending Feb. 1, with West Texas Intermediate (WTI) prices up 2.9% for March and 1.9% Brent crude for delivery in March.

The week before, ending January 25, oil prices fell slightly. WTI decreased by 0.2% and Brent by 1.7%. At the end of the week, WTI reached $ 53.69 a barrel, while Brent closed at $ 61.64 a barrel.

On Monday, oil prices prolonged their losses, starting at the end of the last week of January with a red count, while the growing number of oil rigs in the United States fueled concerns over an overabundance of oil. # 39; offer. WTI lost $ 1.70 to settle at $ 51.99 a barrel, while Brent crude lost $ 1.71 to close at $ 59.93 a barrel.

Oil platforms in US oil fields increased for the first time since December 2018 to 862, up 10 platforms from the previous week ending January 18th.

On Tuesday, oil prices rebounded as the United States applied sanctions against the Venezuelan state oil company to exacerbate financial pressures on Venezuelan President Nicolas Maduro by limiting crude exports.

WTI rebounded from $ 1.32 to $ 53.31 a barrel, while Brent crude rose $ 1.39 to close at $ 61.32 a barrel.

The United States is the largest consumer of oil in Venezuela. They imported about 500,000 barrels of crude a day in 2018. Investors feared that the latest sanctions will hurt US buyers and drive up world oil prices.

On Wednesday, oil prices continued to rise as US crude inventories rose less than badysts' estimates and the US Federal Reserve's latest US dollar press release.

WTI rose $ 0.92 to $ 54.23 a barrel, while Brent crude rose $ 0.33 to close at $ 61.65 a barrel.

Commercial crude oil inventories in the United States increased 0.9 million barrels over the previous week. US stocks of crude oil reached 445.9 million barrels, about 7% above the five-year average for this time of year, according to the latest weekly report released by the US Energy Information Administration (EIA) on Wednesday. This figure was below badysts' expectations, an increase of 3.2 million barrels.

On Thursday, oil prices posted mixed results as OPEC oil supply declined in January and US crude oil production recorded a monthly increase in November of last year. .

WTI sold $ 0.44 to settle at $ 53.79 a barrel, while Brent crude rose $ 0.25 to close at $ 61.90 a barrel.

Although US crude lost 44 cents a day on Thursday, the month of January ended on a monthly increase of 18.5%, which was the best gain recorded for the month of January, while also the best monthly gain since April 2016.

On Friday, oil prices continued to rise as oil platforms operated by US energy companies fell sharply and strong US job growth in January boosted investor expectations of demand. .

WTI rose $ 1.47 to $ 55.26 a barrel, while Brent crude rose $ 0.89 to close at $ 62.79 a barrel.

Key index to badess future production, the decline in the number of US rigs has eased the market, clouded by the fear of an oversupply since the end of 2018.