Oil rises as Saudi Arabia cuts supply to US, Venezuela struggles to keep up exports
Updated : January 31, 2019 10:26 AM IST
US West Texas Intermediate (WTI) crude futures were at $54.63 per barrel at 0445 GMT, up 40 cents, or 0.7 percent, from their last settlement.
US sanctions imposed on Venezuela's state-oil firm PDVSA this week are also causing some supply disruptions.
As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country's production - either waiting to load or expecting authorisation to set sail, shipping data showed.
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