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On Wednesday, the EIA reported that for the week ended February 1 that US commercial crude oil inventories increased by 1.3 million barrels from the previous week.

The sanctions will limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran past year, some analysts said after examining details announced by the USA government. The government's official supply report due later on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 1.27 percent, to settle at $54.56 a barrel.

At 11:00 GMT, March WTI crude oil is trading $53.69, down $0.32 or -0.57% and April Brent crude oil is at $62.44, down $0.25 or -0.40%.

The West Texas Intermediate for March delivery added 0.35 US dollar to settle at 54.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April increased 0.71 dollar to close at 62.69 dollars a barrel on the London ICE Futures Exchange.

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Crude oil prices on Thursday showed a softer outlook with investors concerned about the direction of the global economy, and following only limited support after the latest United States inventory report showed a modest build.

A decline in OPEC production and a squeeze on supply from Iran and Venezuela from US sanctions have led many analysts to forecast that the market will be balanced in 2019.

"This is either because the market assumes that the size of the impact will not be large, or at least it will be of short enough duration". Oil fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a delegation to Beijing next week to lay the groundwork for a meeting between Presidents Donald Trump and Xi Jinping later this month.

"Anything out of the State of the Union that hints at the U.S".

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Market participants have already been focused on signs of tightening global crude supply after the Organization of the Petroleum Exporting Countries (OPEC) and allies began an agreement in January to cut output.

Venezuela, like other OPEC members Iran and Libya, was exempted from making voluntary curbs under the deal on expectations that its output faced involuntary downward pressure in 2019.

The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three quarters of its pledged cuts already, a Reuters survey showed last week.

Fritsch of Commerzbank said the Venezuelan issue could still drive oil higher.

"Basically it's a pretty supportive report", said Phil Flynn, oil analyst at Price Futures Group in Chicago.

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The key story supporting the market and driving the price action is the OPEC-led production cuts.


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