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1/30/2019, 2:00 PM (Source: TeleTrader)
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Novak: Venezuela effect on oil unknown for now

Benchmark prices of crude aren't reacting to the decision by the United States to introduce sanctions against Petroleos de Venezuela SA (PDVSA), Russia's Minister of Energy Alexander Novak said on Wednesday. He claimed an assessment of a possible impact isn't possible at the moment.

The market is undisturbed and the Kremlin doesn't believe the situation requires an extraordinary meeting of the Organization of the Petroleum Exporting Countries with the bloc of producers led by Russia, according to Novak. He said the output in his country was slashed by 50,000 barrels per day this month from the level reached in October, or by 100,000 from the December volume. The minister added he didn't discuss US sanctions against Venezuela with his Saudi counterpart Khalid al-Falih.

West Texas Intermediate for delivery in March extended gains and tested an eight-week high. The contract traded 0.92% up at $53.8 per barrel at 1:49 pm CET, after touching $53.99, the strongest point since January 21. Brent oil for delivery also in the said month was 0.86% higher at $61.85 for one barrel. The session high, $62.04, was last seen a week ago.

Breaking the News / IT