Oil Pares Gain as IEA Discusses Ways to Tackle Venezuela Risks

Maduro wins elections, raising risk for stricken oil industry
WTI trades 0.2% higher, after rising as much as 0.9% earlier
By Sharon Cho and Alex Longley

(Bloomberg) —

Oil traded near $71 a barrel, paring earlier gains, as the International Energy Agency said it’s in talks with producing nations to step in should sanctions be imposed on Venezuela, resulting in a supply shortfall.

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Oil Rides Best Weekly Winning Streak Since 2011 as Risks Mount

* Iran concerns, eroding glut lift crude to highest since 2014
* Brent set for 6th weekly advance, after breaching $80 Thursday

By Heesu Lee and Alex Longley

(Bloomberg) —

Oil in London is set for the longest run of weekly gains in seven years as concern over supply disruptions from the Middle East to Venezuela grows and a global glut dissipates.

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OIL BRIEF: Brent Rises to $80 for First Time Since 2014

By Christopher Sell

(Bloomberg) —

Oil rose to $80 a barrel in London for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of renewed sanctions on Iran; Goldman says money managers who are reducing their bullish bets on oil are following a “dangerous” strategy; PDVSA failed to contain Conoco assault.

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Two threats could further disrupt Venezuelan exports, possibly taking as much crude off the market as the renewal of Iran sanctions.

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