A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show. PetroChina Co Ltd, which had been state-run Petroleos de Venezuela's partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters. The transfer of the Junin, Boyaca and Carabobo very large crude carriers (VLCC) has not been previously reported.
Oil prices rose early on Tuesday as equity markets rallied on hopes that the U.S. is close to announcing another stimulus package to support the economy
U.S. oil producers have started to pull their crude back from government storage tanks, a sign that the supply glut is starting to ease