Venezuela as the trigger of oil prices

Oil prices rose on Wednesday amid a new power outage in Venezuela. However, the dynamics was limited by persisting concerns about the prospects for a slowdown in global economic growth.
WTI crude oil futures rose 0.2% to $ 60.04, while Brent crude gained 0.2% to $ 67.60.
On Monday, Venezuela suffered from another "blackout." A power outage aggravated the crisis and undermined the position of President Nicolas Maduro, whom the United States and 50 other countries are trying to shift.
US sanctions against Venezuela and Iran, combined with restrictive measures by OPEC, act as support factors for oil prices, which have grown by more than 25% this year.
However, growing concerns about the effects of the global economic downturn and the uncertainty associated with the trade war and Brexit have restrained growth.
But not the best forecasts for oil from news from China. On Wednesday, Beijing reported a drop in profits from industrial activities in the first two months of 2019, the highest rate since 2011, which heightened concerns about global economic growth.
The American Petroleum Institute announced on Tuesday about 1.9 million barrels of oil reserves in the United States, while analysts predicted a decline of 1.2 million.
Experts expect the US Energy Information Administration to report a reduction in reserves of just over 1 million barrels. Otherwise, oil quotes may go down even more actively keeping this trend for a long time.

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