Oil hovers near $52 as slowing global growth outweighs Venezuela sanctions

Oil has rallied this year as the OPEC+ coalition started a fresh round of output cuts to ease a glut, with Saudi Arabia pledging to pump below the limit it agreed in December

Oil held near $52 a barrel as renewed concern over slowing global growth largely outweighed US sanctions against Venezuela’s state oil company.

Futures were little changed in New York after dropping 3.2 per cent in the previous session. The Donald Trump administration issued new sanctions on Venezuela’s PDVSA that effectively block the regime of President Nicolas Maduro from exporting crude to the U.S. On Monday, more American companies warned of slowing growth in China and elsewhere, while more talks on trade between the U.S. and China are scheduled this week.

Oil has rallied this year as the OPEC+ coalition started a fresh