LONDON - Oil prices declined on Wednesday, reversing earlier gains, as further disruptions to Venezuela’s crude exports were offset by a report that U.S. inventories rose last week.
Venezuela’s main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month. “Yo-yo price swings have become the norm in the oil market,” PVM analyst Stephen Brennock said in a note. “Market focus switched back to supportive supply considerations. They include, most notably, Venezuela’s deepening oil woes.”