OIL PRICE: NOT ABOVE $62 AGAIN

REUTERS - Oil prices rose by more than one percent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted.

Washington on Thursday signalled it could impose sanctions on Venezuela's crude exports as Caracas descends further into political and economic turmoil.

International Brent crude oil futures were at $61.89 a barrel at 0246 GMT, 80 cents, or 1.3 percent, above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.90 per barrel, up 77 cents, or 1.5 percent.

Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president earlier this week, winning backing from Washington and large parts of Latin America, prompting Nicolas Maduro, the country's leader since 2013, to break relations with the United States.

Fundamentally, however, global oil markets are still well supplied, thanks in part to surging output in the United States, where crude production rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd.

Record U.S. production would likely offset any short-term disruptions to Venezuelan supply due to possible U.S. sanctions, Britain's Barclays on Thursday said in a note. The bank cut its 2019 average Brent crude oil forecast to $70 a barrel, down from $72 previously.

The surge in U.S. output has resulted in swelling U.S. fuel inventories.

Gasoline stocks rose for an eighth consecutive week in the week to Jan. 18, by 4.1 million barrels to a record 259.6 million barrels, the U.S. Energy Information Administration (EIA) said in a weekly report on Thursday.

Crude inventories rose by 8 million barrels.

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Earlier: 

2019, January, 23, 11:45:00 OIL PRICE: NOT ABOVE $62 REUTERS - International Brent crude oil futures were at $61.85 per barrel at 0624 GMT, up 35 cents, or 0.6 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.26 per barrel, up 25 cents, or 0.5 percent.

2019, January, 21, 11:55:00 OIL PRICE: NEAR $63 REUTERS - International Brent crude oil futures LCOc1 were at $62.75 per barrel at 0747 GMT, up 5 cents, or 0.1 percent, from their last close. Brent earlier rose above $63 for the first time in 2019. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.87 a barrel, up 7 cents, or 0.1 percent. WTI earlier advanced above $54 a barrel for the first time this year.

2019, January, 21, 11:50:00 OPEC CONFORMITY LEVEL 98% OPEC - The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019.

2019, January, 18, 10:55:00 OIL PRICE: NEAR $62 AGAIN REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1 percent, from their last settlement. International Brent crude oil futures LCOc1 were up 54 cents, or 0.9 percent, at $61.72 per barrel.

2019, January, 18, 10:50:00 ЦЕНА URALS: $55,94531 МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 декабря 2018 года по 14 января 2019 года составила $ 55,94531 за баррель, или $ 408,4 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 февраля 2019 года понизится на $ 8,3 и составит $ 80,7 за тонну.

2019, January, 18, 10:45:00 OPEC PRODUCTION DOWN 751 TBD REUTERS - The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

2019, January, 18, 10:40:00 RUSSIA WILL CUT FASTER BLOOMBERG - “Of course, we will try to make the cuts faster,” Energy Minister Alexander Novak told reporters in Belgrade, Serbia. “We have our limitations of a technological nature, yet we will aim to reach the levels we agreed on.”