U.S. oil prices edge up as market eyes tighter supply

US oil prices edge up as market eyes tighter supply

"Anything out of the State of the Union that hints at the U.S".

The move ratcheted up pressure on Maduro to cede power to National Assembly leader Juan Guaido, who the USA and European allies have recognized as Venezuela's rightful president.

"The market is being boosted by optimism over the higher-level trade talks between the United States and China that were completed on January 31".

The Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, agreed to production cuts effective from last month to beat back supply growth.

U.S. West Texas Intermediate (WTI) crude was down 13 cents at $53.53.

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"Basically it's a pretty supportive report", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

Brent crude, the global benchmark, slipped 4 cents to $61.94 a barrel by 1331 GMT.

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.

"WTI and Brent crude oil both remain rangebound following a failed attempt to move higher", said Ole Hansen, head of commodity strategy at Saxo Bank. Distillate stockpiles alone fell by 2.26 million barrels, compared with a decline of 2 million barrels forecast in a Bloomberg survey.

Meanwhile, average weekly US crude oil production remained at the record 11.9 million barrels per day (bpd) C-OUT-T-EIA it reached in late 2018.

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"The fact that USA 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.

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.

OPIS Global Head of Energy analysis Tom Kloza on the outlook for oil prices.

Total's accounts have been blocked due to USA decisions, AFP quoted Pouyanné as saying at the presentation of the group's 2018 financials.

Venezuela's opposition is opening a US fund to receive the proceeds of oil sales, a key measure to secure revenue for its effort to dislodge President Nicolas Maduro, an opposition lawmaker said on Wednesday. The lender sees Venezuelan oil exports quickly falling by 300,000 barrels a day to about 700,000 barrels a day.

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