Guyana could soon eclipse Venezuela's oil production

Karvounis lies at anchor stranded off the coast of Louisiana

Oil prices fell on Monday after disappointing USA factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and us sanctions against Venezuela pointed to tighter supply.

US West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement.

The American Petroleum Institute reported late Tuesday that USA crude inventories rose by 2.5 million barrels last week at a time of weakening global demand, Morning Star reported.

However, Russian oil output in January missed the target for the output cuts, Energy Ministry data showed on Saturday.

USA oil imports from Opec countries have dropped to five-year lows as the oil producing cartel cuts output, while USA domestic production grows.

Gasoline stocks increased by 513,000 barrels, less than anticipated, while distillate stockpiles fell a greater-than-expected 2.3 million barrels.

Meanwhile, a Reuters survey found that supply from OPEC states had fallen the most in two years, with Saudi Arabia and its Gulf Arab allies over-delivering on pledged cuts while Iran, Libya and Venezuela registered involuntary declines.

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In fact, the US sanctions were already curtailing Venezuelan crude oil exports, pushing the country's beleaguered oil industry closer to collapse, The Wall Street Journal reported Monday .

Hashem also said that the threat of a US-China trade war and mixed messages from the United States on whether it would raise interest rates is causing volatility in the global equity markets and could increase oil price volatility this year.

The Trump administration unveiled sanctions on Venezuela's state-owned oil firm Petróleos de Venezuela SA late last month in an effort to cut off money to embattled President Nicolás Maduro, days after opposition leader Juan Guaidó declared himself interim president of the country and gained much worldwide support.

"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.

Morse predicted that moving forward "We have plenty of potentially bullish moves in the market" following a period of soft demand before the seasonal fuel consumption rise begins around May, with Brent rising into the mid-$60 range and hitting $70 before year end - which the researcher believes will encourage USA producers to allocate more money to drilling.

Also dampening market sentiment were worries about weaker global economic growth and the U.S. Oil fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

U.S. President Donald Trump said in his State of the Union address that a trade deal was possible with China. Senior U.S. and Chinese officials are poised to start another round of talks next week.

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