Oil dips on report of rising U.S. crude stockpiles, but market remains tense

SINGAPORE - Oil prices dipped on Wednesday after a report showed a rise in available U.S. crude inventories, but the market remained tense amid an intensifying political crisis in Venezuela, tightening U.S. sanctions on Iran and continuing OPEC supply cuts.

U.S. West Texas Intermediate crude futures were down 51 cents, or 0.8 percent, at $63.49 per barrel. However, focus was shifting to the crisis in major oil producer Venezuela, where there appears to be a standoff between incumbent President Nicolas Maduro and opposition leader Juan Guaido. Many observers fear this could lead to large-scale violence, as well as disruptions to crude supply.

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