Brent price forecast to US$66 per bbl for 2019: Jadwa Investment

Oil Slides on Disappointing U.S. Data After Hitting Two-Month High

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

The Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, agreed to production cuts effective from last month to beat back supply growth.

Inventories of winter fuel in the USA fell more than expected last week as cold polar air blasted the nation, though crude stockpiles rose amid record output, according to the Energy Information Administration.

International Brent crude oil futures on Monday were down 20 cents, or 0.32 percent at 0339 GMT to $62.54 a barrel, after closing up 3.14 percent in the previous session to their highest close since November 21.

"We've been turning the heat up on the regime", Mnuchin said Wednesday, touting the effectiveness of fresh sanctions that President Donald Trump's administration imposed January 28.

U.S. West Texas Intermediate (WTI) crude futures were at $54.77 per barrel at 0223 GMT, up 21 cents or 0.4 percent.

Bud Light’s Super Bowl ad angers the corn industry
Meanwhile, Chief Communications Officer Peter Marino pointed out that, with or without corn syrup, Bud Light is no health drink. And Anheuser-Busch said in a statement that the company "fully supports" corn growers despite the potshot.

Venezuela, which produced 1.15 million barrels per day in December, was forced to look for alternative clients for its crude oil following sanctions that prevent the state oil company PDVSA from exporting to the US unless the revenues are paid to opposition leader Juan Guaido.

The West Texas Intermediate for March delivery added 0.35 US dollar to settle at 54.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April increased 0.71 dollar to close at 62.69 dollars a barrel on the London ICE Futures Exchange.

Venezuela, like fellow OPEC members Iran and Libya, was exempt from production curbs under the OPEC+ deal on expectations that its output faced involuntary downward pressure in 2019. "Moreover, lower oil prices - prices were between 14% and 18% lower in January than their 2018 average - are likely to stimulate economic activity and oil demand, particularly in emerging markets", said Jean-Pierre Durante, Head of Applied Research at Pictet Wealth Management.

The price of U.S. crude continues to rise and the outlook is still constructive on tight supplies and concerns about Venezuelan output. -China trade dispute have also weighed on the market. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January. A week earlier, gasoline inventories fell by 2.2 million barrels after four weekly builds, and hefty ones, at that, with production averaging 9.9 million bpd.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a delegation to Beijing next week to lay the groundwork for a meeting between Presidents Donald Trump and Xi Jinping later this month.

Maduro, who retains control over the state, denounces Guaido as a USA puppet who is seeking to foment a coup against him.

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