Oil slides 1.2% on renewed fears of coronavirus


The United States has actually increase pressure on Venezuela by blacklisting a subsidiary of Russian state oil significant Rosneft that President Donald Trump's administration stated offers a financial lifeline to President Nicolas Maduro's federal government. The announcement of the sanctions came shortly before the closure of the Russian market.

Reacting to the USA announcement, Rosneft said its projects in Venezuela were "in strict compliance with the norms of worldwide and national laws", and that it "does not pursue any political goals".

Rosneft Trading is handling about 70 percent of Venezuela's oil, Elliot Abrams, the U.S. State Department's special representative for Venezuela, told reporters on Tuesday.

Rosneft called the sanctions "outrage, quot; and said the U.S. authorities, in talks with the company, had repeatedly recognized that he was not breaking any restrictions".

"Reliance will continue its direct communications with the US Government to ensure that Reliance's purchases of Venezuelan oil after the RTSA sanctions are both compliant with US sanctions and consistent with US policies regarding Venezuelan oil sector", the Indian refiner said in a statement. The Treasury also issued a license authorizing certain wind-down transactions until May 20.

"Sanctions kill", the diplomat said.

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And Venezuela's ability to export crude was further threatened as the USA sanctioned a unit of Russia's Rosneft PJSC for maintaining ties with President Nicolas Maduro and the state-run oil company.

Together With the sanctions, the USA likewise provided a basic licence permitting business 90 days to unwind their deals with Rosneft Trading.

"It is economically more attractive, and trade companies, midstream (firms) and producers have been aggressive seeking out buyers for American crude in Asia", said Stephen Wolfe, a Houston-based oil analyst at Energy Aspects. If the Saudis, Kuwait and the U.A.E. break with the Russians, the divided would further weaken the cartel's ability to support oil prices.

He also discussed the program for the sustainability of oil demand, which was launched earlier this month and executed by 17 parties including ministries, agencies, companies, and specialized research centers.

According to Metrobank research analyst Pauline Revillas, the peso may manage to reach 49 if Brent Crude Oil Spot prices fall below the $50 per barrel level.

In the data space, the EIA will publish its weekly report on United States crude oil inventories later in the NA session.