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24-Jan2019

Crude oil futures settle lower on Wednesday

Crude oil futures settled lower on Wednesday following a report that the European Union may soon launch a mechanism that will allow companies to bypass US sanctions, and trade with Iran. However, losses remain capped as traders looked to the possibility of US sanctions on Venezuelan oil, which could lead to a tighter market. The Trump administration told US energy companies it could impose Venezuela oil sanctions as soon this week if the political situation there deteriorates further. The US imported about 17.7 million barrels of crude oil and petroleum products from Venezuela in October 2018.

Benchmark crude oil futures for March declined 39 cents or 0.7 percent to settle $52.62 a barrel on the New York Mercantile Exchange. March Brent crude fell 36 cents or 0.6 percent to settle at $61.14 a barrel on London's Intercontinental Exchange.


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