Oil prices flat, caught between Venezuela supply concerns and gloomy economic outlook

Oil prices flat, caught between Venezuela supply concerns and gloomy economic outlookOil prices held steady on Wednesday, supported by concerns about supply disruptions following U.S. sanctions on Venezuela's oil industry but pegged back by a darkening outlook for the global economy. Washington on Monday announced export sanctions against state-owned oil firm Petroleos de Venezuela SA (PDVSA), limiting transactions between U.S. companies that do business with Venezuela's state-owned oil firm PDVSA. The sanctions aim to freeze sale proceeds from PDVSA's exports of roughly 500,000 barrels per day (bpd) of crude oil to the United States.




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