OIL BRIEF: OPEC and Allies Within Reach of Goal
By Christopher Sell
(Bloomberg) — OPEC and its allies are close to wiping out a crude surplus and expect the market to re-balance in the second quarter, according to people familiar; The oil industry faces a tense wait as Iran sanctions too close to call; Total is keeping faith with Venezuela.
OIL MKT DRIVERS: API Crude Draw; ARA Build; Russia Tensions
By Alex Longley
(Bloomberg) — Summary of what’s shaping the oil market on Wednesday: API is said to report a drop in U.S. crude, gasoline and distillate inventories, before more definitive government data due later. ARA stockpiles rise to highest level since July, Genscape data show. Russia is said to seek improved relations with the U.S. INVENTORIES:
IEA Warns of Price Risk for OPEC as Venezuela Oil Crisis Looms
OIL MKT DRIVERS: Strong Sanctions on Iran; Pompeo on Russia
By Alex Longley
(Bloomberg) — Summary of what’s shaping the oil market on Thursday: U.S. Treasury Secretary Steve Mnuchin says “very strong” sanctions could return on Iran. Softer U.S. policy toward Russia is now over, Mike Pompeo, CIA director and secretary of state nominee, will say Thursday, according to prepared remarks. OPEC monthly report due.
