Oil rises as Saudi signals supply cuts extension, Venezuela crisis deepens

Bloomberg

Oil rose as Saudi Arabia signalled Opec and its allies could extend supply cuts to the end of the year, while Venezuela’s opposition leader called for a
military uprising.
Crude futures added 1.5 percent in New York. Saudi Energy Minister Khalid Al-Falih said that the Organisation of Petroleum Exporting Countries and its partners remain focussed on reducing oil inventories, according to an interview by RIA Novosti published on Tuesday. Last week, US President Donald Trump said the kingdom agreed to raise production as he tightens sanctions on Iran. In Venezuela, the government accused Juan Guaido of planning a coup after he appeared with
soldiers in a video.
Oil climbed to a six-month high last week after the White House announced tougher measures to choke off exports from Iran, ending a series of waivers that currently shields some buyers of Iran crude from American sanctions. While the Saudis pledged to assist any customers lacking supplies, the kingdom also remains committed to a pact with Russia and other producers to keep a lid on output.
“In our opinion, Opec+ will extend its cooperation and supply management for the remainder of 2019,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.
WTI for June delivery rose 94 cents to $64.44 a barrel on the New York Mercantile Exchange in London. The contract closed 0.3 percent higher, snapping a three-session drop.