Oil held near $52 a barrel as renewed concern over slowing global growth largely outweighed U.S. sanctions against Venezuela’s state oil company.
Futures were little changed in New York after dropping 3.2 percent in the previous session. The Donald Trump administration issued new sanctions on Venezuela’s PDVSA that effectively block the regime of President Nicolas Maduro from exporting crude to the U.S. On Monday, more American companies warned of slowing growth in China and elsewhere, while more talks on tradebetween the U.S. and China are scheduled this week.
West Texas Intermediate crude for March delivery rose 16 cents to $52.15 a barrel on the New York Mercantile Exchange at 11:38 a.m. in Singapore. The contract fell $1.70, or 3.2 percent, to close at $51.99 a barrel on Monday.
Brent for March settlement increased 13 cents to $60.06 a barrel on the London-based ICE Futures Europe exchange. It broke below $60 for the first time in almost two weeks on Monday, dropping $1.71 to $59.93. The global benchmark crude was at a $7.90 premium to WTI.
Source : Bloomberg