Oil steady on Venezuela exports, supply fears

LONDON — Oil prices steadied on Wednesday after Venezuela raised the prospect of a halt to some crude exports, easing worries about oversupply after reports that the US government had asked Saudi Arabia and some other producers to increase output.

Falling Venezuelan oil output helped push crude benchmark Brent to more than $80 a barrel last month, but prices have eased since then on talk of higher supply by other members of the Organisation of the Petroleum Exporting Countries. Brent was down 5 cents a barrel at $75.33 by 1125 GMT. US light crude was 40 cents lower at $65.12.

Venezuela has the world’s biggest oil reserves and is a key supplier to American fuel markets but its output has been hampered by inadequate investment, mismanagement and a confrontation with the United States that has led to sanctions.