Oil prices fall on doubt over US-China trade talks

Oil prices fall on doubt over US-China trade talks

The notice clarifies some of the confusion that has surrounded USA sanctions imposed on Venezuela earlier in the week.

Oil prices rose about 3 percent on Friday on upbeat U.S.jobs data and signs that USA sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed US drillers cut the number of oil rigs.

Prices sank after the U.S. Energy Information Administration reported U.S. oil production rose to an all-time high of 11.9 million barrels per day (Mmbpd) in November, up from 11.5 Mmbpd in October.

The global oil industry has since sought to sort out the large-scale sanctions, which froze the assets of the company and require USA firms to pay for oil using accounts controlled by the country's opposition party head and self-proclaimed interim president, Juan Guaido. Even before Friday's notice, European buyers had pulled back on taking shipments from Venezuela due to concerns about how to make payments.

"Thinking about oil as being a dollar-denominated business, if USA banks are jittery and concerned about what they can do, that will cause them to decline all transactions", said Daniel Martin, a partner at law firm Holman Fenwick Willan.

The U.S.is also sanctioning Iranian oil exports.

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Energy has been assisted by Opec Et al production cuts aimed at reducing a glut, along with US sanctions levied on Iran and Venezuela, which threaten to disrupt global trade flows and bolster prices.

Venezuela's state oil company and its customers will be blocked from using the USA financial system by late April, as the Trump administration ratchets up the pressure on President Nicolas Maduro to step aside and allow an opposition leader to take his place. Americans who work for non-U.S. companies must stop doing any business with PDVSA by March 29.

Global markets gained support from comments on Twitter by U.S. President Donald Trump on Thursday, saying he would meet Chinese President Xi Jinping soon to try to resolve a trade standoff, though Trump later warned that he could postpone talks if a comprehensive deal remains elusive.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only.

John Bolton, Trump's national security adviser, tweeted that "bankers, brokers, traders, facilitators, and other businesses" should not deal in any Venezuelan commodities that he alleged were being stolen by the "Maduro mafia". Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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