According to some sources, the US will receive no more than 50 million barrels of sanctioned Venezuelan crude oil, which puts pressure on West Texas intermediate oil over Brent crude oil because this heavy oil will be accepted by refiners along the US Gulf Coast. Simon Lack, fund manager of Catalyst Energy Infrastructure Fund, said in a report: “This did not increase the supply of oil from Venezuela; it just changed its flow. “China, as the biggest buyer, will need to supplement these shipments,” he said. Therefore, this should not have much impact on oil prices, but it does indicate that a constructive dialogue on oil has begun. “This could benefit US refiners,” he added, “They will get more heavy crude oil that their equipment is suitable for processing.” West Texas Intermediate fell 1.1% to $56.49 a barrel, and Brent crude fell 0.6% to $60.32.

According to some sources, the US will receive no more than 50 million barrels of sanctioned Venezuelan crude oil, which puts pressure on West Texas intermediate oil over Brent crude oil because this heavy oil will be accepted by refiners along the US Gulf Coast. Simon Lack, fund manager of Catalyst Energy Infrastructure Fund, said in a report: “This did not increase the supply of oil from Venezuela; it just changed its flow. “China, as the biggest buyer, will need to supplement these shipments,” he said. Therefore, this should not have much impact on oil prices, but it does indicate that a constructive dialogue on oil has begun. “This could benefit US refiners,” he added, “They will get more heavy crude oil that their equipment is suitable for processing.” West Texas Intermediate fell 1.1% to $56.49 a barrel, and Brent crude fell 0.6% to $60.32.