Oil prices falling below US$93 on supply outlook; Venezuela disruption not seen as significant

By SPA

Singapore : Oil prices fell Wednesday as traders overlooked Venezuela’s halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand, AP reported The state-run Petroleos de Venezuela SA, or PDVSA, said Tuesday it has halted crude sales to Exxon Mobil Corp., the world’s biggest oil company, in response to its court bid
to freeze billions of dollars in Venezuelan assets.

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Exxon Mobil is challenging the nationalization of its Venezuelan oil ventures in a dispute that has seen President Hugo Chavez threaten to cut off all supply to the United States.

Venezuela is currently the United States’ fourth largest oil supplier.