Oil Prices Fall As Supplies From Venezuela Resume

(MENAFN- UkrinForm) According to Ukrinform, Reuters stated this in an article.

Brent crude oil futures fell by 20 cents, or 0.3%, to $65.27 per barrel, while U.S. West Texas Intermediate crude dropped by 23 cents, or 0.4%, to $60.92 per barrel.

It is noted that crude oil inventories in the United States, the world's largest oil consumer, rose by 5.23 million barrels in the week ending January 9.

In addition, gasoline inventories increased by 8.23 million barrels, and distillate inventories rose by 4.34 million barrels compared to the previous week.

Among other developments, on Monday two supertankers departed Venezuelan waters carrying about 1.8 million barrels of crude oil each.

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These could be the first shipments under a 50 million-barrel supply agreement between Caracas and Washington, concluded to resume exports after the United States detained Venezuelan President Nicolas Maduro.

However, protests in Iran have intensified concerns about disruptions in supplies of black gold from the fourth-largest oil producer in OPEC.

U.S. President Donald Trump on Tuesday urged Iranians to continue the protests and said that help is already on the way, without specifying what that might mean.

As Ukrinform reported, oil prices continued to rise on Tuesday amid growing concerns over potential supply disruptions from Iran and increased oil supplies from Venezuela.

Photo: freepik

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