Oil fell to near $53 a barrel as a standoff between the U.S. and Venezuela eased, while America’s rig count rose signaling further gains in the nation’s crude production.
Futures in New York dropped as much as 0.9 percent after a three-day surge of 2.1 percent. Venezuela abandoned its decision to sever diplomatic ties with the U.S., defusing tensions after Washington’s decision to recognize National Assembly leader Juan Guaido as the nation’s rightful head of state. Meanwhile, working oil rigs in the U.S. rose for the first time this year, according to data released Friday by oilfield-services provider Baker Hughes.
WTI for March delivery falls as much as 49c to $53.20/bbl on Nymex, trades at $53.38/bbl at 9:20am in Tokyo. Contract +56c to $53.69 on Friday.
March Brent fell 28c to $61.36/bbl on ICE Futures Europe exchange. Contract +55c to $61.64 on Friday. Brent trades at $8 premium to WTI.
Source : Bloomberg