- The Trump administration is reported to be considering slapping sanctions on Venezuela that will include a ban on importing crude oil from the nation. The move is seen as benefiting Canadian oil producers. The U.S. imported 673K barrels of oil per day from Venezuela last month.
- Traders are also factoring in indications from yesterday’s OPEC meeting of oil production cuts from Saudi Arabia and Nigeria.
- WTI crude oil futures +0.43% to $46.54/bbl at last check. Brent crude +0.43% to $48.81/bbl.