PetroChina has instructed its trading teams to refrain from purchasing or handling Venezuelan crude now being marketed under U.S. oversight, according to industry sources, disrupting a trade flow that once made the company the leading buyer of Venezuela’s oil before 2019. The decision introduces additional uncertainty for Venezuelan supply into global markets at a time of heightened geopolitical risk, with potential implications for benchmark prices such as Oil – Brent Crude (CM:BZ) and Oil – US Crude (CM:CL), as traders reassess sanctions exposure and alternative sourcing options.
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Over the past month, Brent has advanced about 4.80%, while US Crude has gained roughly 3.73%, reflecting a moderate uptrend supported by ongoing supply constraints and geopolitical tensions that include developments in Venezuela. From a short-term technical perspective, both Brent and US Crude currently flash a 1-day Buy and Buy signal respectively, suggesting bullish momentum in the near term despite policy-related uncertainties around sanctioned barrels. Investors can explore more updates, prices, and analysis across global markets at Commodities.