Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
The Fed is not likely to make a move on interest rates when it meets next week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
With uncertainty keeping a lid on U.S. stocks, Ed Clissold of Ned Davis Research says the rest of 2019 is likely to be a "choppy," but somewhat opportunistic, ride for...Futures Nowread more
* US imposes sanctions on Venezuela state oil firm
* Libya's Sharara field to remain shut until occupiers leave -NOC
* Russia says sanctions limit Venezuela's debt repayment ability
* Analysts say global oil supply ample despite sanctions (New throughout, updates prices, market activity and comments; new byline, changes dateline, previous LONDON)
NEW YORK, Jan 29 (Reuters) - Oil prices rose more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to curb the OPEC member's crude exports and temper concerns about global oversupply that have weighed on crude futures.
International Brent crude oil futures were up $1.42 to $61.35 a barrel, or 2.4 percent, by 11:38 a.m. EST (1638 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.37 to $53.36 a barrel, or 2.6 percent.
"The Venezuelan situation is obviously supportive," said Phil Flynn, an analyst at Price Futures Group in Chicago. "I don't think there's a fear in the market that it's going to be a devastating blow to the supply side, but it's just another piece to the supply puzzle that's going to be missing."
Venezuela is among the world's largest heavy crude oil producers, and the United States has been its biggest client, taking about half the country's export volumes, followed by India and China..
While Washington's sanctions stop short of banning U.S. companies from buying oil from the Latin American country, proceeds from such sales will be put in a "blocked account" that should deter PDVSA from shipping crude to the United States.
Venezuela's exports have already fallen to little more than 1 million barrels per day (bpd) in 2018 from 1.6 million bpd in 2017, according to Refinitiv ship-tracking data and trade sources.
Petromatrix estimated that Venezuelan exports will drop by about 500,000 barrels per day under current conditions.
Additionally, Venezuela is a member of the Organization of the Petroleum Exporting Countries, which is implementing a supply cut deal to support prices.
Russia, OPEC's biggest non-member ally, denounced the sanctions, saying they would likely limit Venezuela's ability to service its $3.15 billion sovereign debt to Moscow.
Meanwhile, Libya's biggest oilfield, El Sharara, will remain shut until departure of an armed group occupying the site, the head of National Oil Corp said.
Global oil supply remains high, largely because of a more than 2 million bpd increase in U.S. crude oil production <C-OUT-T-EIA> last year to a record 11.9 million bpd.
Some in the oil industry also worry that crude demand could stutter if the trade war between Washington and Beijing slows global economic growth.
In China, a top oil importer, signs of a slowdown have emerged. Activity in its vast manufacturing sector is expected to shrink for the second straight month in January, a Reuters poll showed. Caterpillar and Nvidia issued warnings on Monday about weakening demand from China.
(Additional reporting by Shadia Nasralla in London, Henning Gloystein in Singapore and Colin Packham in Sydney Editing by David Goodman and David Gregorio)