MNI Oil Weekly: Venezuelan Uncertainty in Focus

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Executive Summary:  

• Venezuelan Uncertainty in Focus: Venezuela oil flows look set for significant redirection as US refiners win and Chinese refiners lose in the short term. Washington remains intent on enforcing the blockade while US oil companies show clear hesitance towards costly and risky development plans.
• Oil Markets: Brent crude front month has bounced between $59.75/bbl and $62.3/bbl in the last week with geopolitical risks in Venezuela, Russia and Iran set against supply/demand fundamentals. Gasoline crack spreads have found some support this week, but diesel spreads remain weak.
• Analyst Views: See oil market views and outlooks from key analyst names