Oil fell 1 percent on Wednesday after a report showed a rise in US crude inventories, while concerns about the impact of US sanctions on Venezuela on global supplies eased.
US crude inventories rose by 2.5 million barrels last week, the American Petroleum Institute said on Tuesday. The government’s official supply report is due later on Wednesday.
Benchmark Brent crude had slipped 62 cents to $61.36 a barrel by 1000 GMT, after rallying about 15 percent in January. US crude was down 48 cents at $53.18.
“A bumper January for oil bulls is turning into a gloomy February as the supportive glow of Venezuela’s deepening turmoil starts to fade,” said Stephen Brennock of oil broker PVM.
He said the API figures showing rising stocks “do little to silence the US glut alarm bells.”
The US announced sanctions on Venezuela’s state oil company last week, a move that could curb supplies but the development has yet to push prices up steeply.

Oil falls 1 percent as supply concerns fade
The US sanctions on Venezuela’s state oil company last week has yet to push prices up steeply. (File photo: Reuters)
Reuters, London
Wednesday 06 February 2019
Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58
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