Oil prices edge lower, tightening supply outlook supports

OPEC supply fell in January by the largest amount in two years

Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to knock out at least 500,000 bpd of crude exports.

Oil prices rose about 1 percent on Wednesday, boosted by signs of strong United States demand for distillate products and tightening global crude supply, but gains were capped by a rising United States dollar and ongoing concerns about a global economic slowdown, Trend reports citing Reuters.

Venezuela's opposition is opening a USA fund to receive the proceeds of oil sales, a key measure to secure revenue for its effort to dislodge Maduro, an opposition lawmaker said on Wednesday.

Prices also dipped after data showed US crude inventories at Cushing, Oklahoma, the delivery point for USA crude futures, rose by more than 943,000 barrels in the week to February 1, traders said, citing data from market intelligence firm Genscape.

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The New York Representative tied her open borders claim to her denunciation of funding for the Department of Homeland Security. The Democrats are likely to meet resistance to their proposal in Congress, especially in the Republican-controlled Senate.

Benchmark Brent crude slipped 21 cents to $61.77 USA a barrel mid-morning Wednesday, after rallying about 15% in January.

International Brent crude oil futures had yet to trade.

Russia's Energy Minister Novak said the 10 countries collaborating with OPEC now on oil price support could discuss a charter outlining open-ended cooperation when the two groups meet in April, state-owned TASS news agency reported.

From a fundamental perspective, the price is benefiting from data suggesting that supplies from the Organization of the Petroleum Exporting Countries fell by the most in two years last month, with Saudi Arabia leading the way.

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North Korea has repeatedly urged a lifting of punishing USA -led sanctions, a formal end to the war, and security guarantees. Trump met Kim in Singapore on June 12 in the first summit between a sitting US president and a North Korean leader.

Also dampening market sentiment were worries about weaker global economic growth and the U.S. Venezuela, an OPEC member, is, like Iran and Libya, exempt from making voluntary curbs under the deal.

Weighing on oil markets, US government data showed new orders for USA -made goods unexpectedly fell in November, with sharp declines in demand for machinery and electrical equipment.

USA inventories of winter fuels, including propane, shrank by about 4.9 million barrels combined last week, EIA data showed Wednesday. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January. The kingdom pumped 10.643 million bpd in December. "Moreover, lower oil prices - prices were between 14% and 18% lower in January than their 2018 average - are likely to stimulate economic activity and oil demand, particularly in emerging markets", said Jean-Pierre Durante, Head of Applied Research at Pictet Wealth Management.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a delegation to Beijing next week to lay the groundwork for a meeting between Presidents Donald Trump and Xi Jinping later this month.

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