Helping to underpin prices are the OPEC-led supply cuts and Washington's sanctions against Venezuelan crude exports.
"The collapse in oil prices late a year ago has resulted in more cautious spending by USA oil explorers", said Dhar. -China trade deal. An economic slowdown in the Euro Zone is now a concerns after German industrial output unexpectedly fell in December for the fourth consecutive month.
"It would seem that the market is really not too anxious yet about the potential loss of Venezuelan barrels", said analysts at JBC Energy in a report.
Venezuela's oil exports fell to a 10-month low in January following new sanctions on the nation's state-owned oil company Petroleos de Venezuela SA that effectively block Maduro's regime from exporting crude to the U.S. That's down from 10.643 million bpd in December, representing a cut that was 70,000 bpd deeper than targeted under the OPEC-led pact to balance the market and support prices.
US West Texas Intermediate (WTI) crude futures gained 43 cents, or 0.8 percent, to $54.09 a barrel after posting a session low of $52.86 a barrel.
"The fact that US crude oil and gasoline stocks rose more sharply than expected, as reported by the API after the close of trading yesterday, is weighing on prices", said Carsten Fritsch, an analyst at Commerzbank.
Crude oil prices hit a 2019 high on Monday.
LeBron James returns for Lakers against Clippers
The 15-time All-Star was averaging 27.3 points, 8.3 rebounds and 7.1 assists this season before he went down with the injury. Their schedule is about to get very hard , so having their best player back in the lineup will be a major boost.
"Despite several forays in WTI above our prior resistance of $55, the market continues to draft back down largely under the pressure of this week's stronger dollar", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
The sanctions will limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran previous year, some analysts said after examining details announced by the US government.
U.S. distillate stocks fell by 2.3 million barrels, while inventories of other refined fuels dropped by 2.9 million barrels. They closed down 1.3 percent on Monday, after earlier touching their highest since November 21 at $55.75 a barrel. The sanctions aim to block USA refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro.
Brent crude, the global benchmark, slipped 49 cents to $61.49 a barrel as of 1053 GMT.
Market participants are also watching for developments surrounding the U.S.
In his State of the Union address, U.S. President Donald Trump said a trade deal was possible with China. "Around a third of Venezuela's exports head to the United States, as such, we expect Venezuelan exports to quickly fall by 300,000 barrels per day (bpd) to around 700,000 bpd", ANZ bank said on Thursday.
Since Republicans expressed more enthusiasm for Trump's message than Democrats, he might have unintentionally angled toward them. Eric Trump , Donald Trump Jr. and Tiffany Trump applaud as President Donald Trump delivers his State of the Union address .
The former Manchester United manager appeared in a Madrid court to confirm the agreement with the Spanish tax authorities. The Portuguese coach will also have to pay an additional penalty of 1.98 million euros (2.26 million USA dollars).
Meanwhile, MillerCoors responded on twitter , tweeting , "at MillerCoors, we're proud of our high-quality, great-tasting beers". Such labeling isn't required for alcoholic beverages, though many brands include calories and other nutritional information.
Both sides in the conflict say they want to strike hard militarily to bolster their position at the negotiating table. USA and Taliban negotiators are due to meet again in Qatar on February 25 to resume their discussions.
The US President thanked the UAE, Germany and Saudi Arabia for their increased financial commitments as part of the coalition. Officials say that the USA withdrawal will happen, although at a slower pace than Trump first intended.
These numbers beat expectations, with Bloomberg economists predicting 165,000 jobs would be added for the month of January. The views expressed in this column are the author's own and do not reflect those of Berenberg Capital Markets, LLC .
The Pelicans need to wait until they can get a player with that clear All-NBA ceiling before pulling the trigger. The NBA trade deadline isn't until Thursday, so there's plenty of time for the Lakers to reengage the Pelicans.
Dubbed Bedin 1 by the astronomers who discovered it, the dwarf galaxy has been described as modestly sized and elongated. It measures only around 3000 light-years at its greatest extent - a fraction of the size of the Milky Way.
They did find it hard to make a clean sweep, however keeping all aside; they are going for an impressive start to the T20 series. Seifert, whose previous best innings in eight internationals was an unbeaten 14 on debut, gave New Zealand a flying start.
Diesel cars dropped from a 55% share of the European market - the UK, Germany, Italy, France, Spain - in 2014, to 36% in 2017. Sunderland ultimately voted to leave by 61% - making it one of the most pro-Brexit cities in the UK.
France, Germany, Portugal, Austria, Sweden, Denmark, Latvia, Lithuania, Finland and the Netherlands also recognized Guaido. On Monday, he accused Maduro of trying to illicitly transfer up to $1.2 billion from public coffers to a bank in Uruguay.
Surprising find for NIWA scientists in year-old seal poo
Although it's remarkable the USB stick survived the ordeal, it's nevertheless a bad sign for the seals and their environment. This raised some concern, since swallowing an object this big could potentially injure or kill a leopard seal.
£145m lost in crypto wallet as password owner dies
The problem is that Cotten was the only person who knew the password to access up to $190 million in customer funds. The money is now "unavailable and some of it may be lost", according to court filings by Robertson.
Facebook Messenger finally lets you delete texts for real
You're not the only one! Facebook cited the resultant increased security in Zuck's obtaining the Messenger unsend feature early. TL;DR Facebook is releasing a feature through which users can delete messages sent through Messenger .
Foothills Could See Snow As Level Expected To Drop Down To 1500’
More soaking rain showers are likely Thursday before temperatures fall back to closer-to-normal cool February highs this weekend. Water and slush that have accumulated due to the current warm temperature are bound to freeze as the cold comes in this evening.
Iran threatens region with missile
The Defence Ministry's website carried an undated video purportedly showing the Hoveizeh being test-fired from a mobile launcher. Tehran has showcased a new, long-range cruise missile, capable of covering over 1,350 kilometers.