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US oil up 1 percent on Venezuela turmoil, but hefty stock build weighs

Updated : January 25, 2019 08:00 AM IST

Washington signaled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. The threat to reduce supplies supported futures prices.
The United States, the top importer of Venezuelan crude, is seeking to ensure that the OPEC member’s oil revenue goes to opposition leader Juan Guaido, who swore himself in as interim president, and to cut off money from President Nicolas Maduro, a top US official said on Thursday.
With Iran already crippled by US sanctions, a drop in Venezuelan exports could squeeze global supply further.
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