The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country's oil exports as it tightens restrictions on trade with the South American country. Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member's oil exports, depriving the government of petrodollars -- its main source of revenue. Most shipping firms are avoiding Venezuela because of the sanctions, making it difficult and expensive to hire tankers to load crude there and helping drop the country's oil exports to their lowest in nearly 80 years.
IHS Markits has raised its oil price forecast for 2021 by $7, with Brent Crude prices set to hit $49 and possibly break past the $50 mark
All eyes are now on U.S job report; Crude oil traders will use this important economic metric to gauge the health of the world’s biggest economy.