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Oil prices recover pending official API data

Oil prices on Wednesday declined in early trading because the interruptions in oil exports from Venezuela were offset by increased U.S. stocks, as follows from a report for last week. But by 13.00 GMT the price per barrel began to grow.

oil prices slip 2703Photo: Reuters

Brent crude oil futures for May delivery added 0.13 percent to $67.53 a barrel at 13.04 GMT. Futures for WTI crude oil futures for delivery in May recovered by 0.07 percent to $59.97 a barrel.

Venezuela’s main export oil port, José and its four refineries, cannot resume operations after a massive power outage on Monday, the second time in a month. Oil exports from Venezuela have already declined dramatically due to Washington’s sanctions.

Oil prices this year rose by more than 25 percent thanks to the policies of OPEC and OPEC +, and also because of the U.S. sanctions imposed on Venezuela and Iran.

The international benchmark Brent traded in March in a relatively narrow range from $64.29 to $68.56 per barrel, reflecting the tension between the decline in supply and fears about global demand.

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