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Oil settles lower, but pares much of its earlier losses as traders look to threat of U.S. sanctions on Venezuela


Thursday, 24 January 2019 03:39 WIB

Minyak WTIMinyak WTI Berjangka


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Oil futures fell on Wednesday, but settled off the day's worst levels, as traders looked to the possibility of U.S. sanctions on Venezuelan oil, which would lead to a tighter market.

U.S. President Donald Trump said he officially recognizes Juan Guaido as interim president of Venezuela and declared Nicolas Maduro as illegitimate. However, Reuters reported that the European Union may soon launch a mechanism that would allow companies to bypass U.S. sanctions-a move that could contribute more supplies to the market.

March West Texas Intermediate oil fell 39 cents, or 0.7%, to settle at $52.62 a barrel on the New York Mercantile Exchange.

Marketwatch


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