Out of bounds
Vienna
Oil falls 2.5% after a report is expected to increase OPEC production
oil prices fell by about 2.5 percent in the settlement of transactions end of the week, after a report forecast to consulting firm rise in OPEC production in July, although the organization has vowed to rein in production , which renewed fears in the market of continuing The supply is rough.
Global Brent crude futures were trading at $ 1.24, or 2.52 percent, at $ 48.06 a barrel, while West Texas Intermediate crude futures were down $ 1.15, or 2.45 percent, to $ 45.77 a barrel.
The crude posted weekly losses of more than 1.6 percent after Petro-Logistics, which tracks OPEC's supply projections, said OPEC production of crude would increase 145,000 bpd this month, exceeding the 33 million bpd.
Increased supply from Saudi Arabia, the United Arab Emirates and Nigeria will lead increases this month.
Opec and some non-member countries such as Russia have agreed to cut production by 1.8 million barrels per day between January this year and the end of March 2018.
Baker Hughes Energy Services said that US companies reduced the number of oil drilling platforms by one excavator in the week ending July 21 . However, analysts said the decline is probably a short pause in the recovery of drilling activities, which are expected to last until at least 2019.
Washington
considers financial sanctions to affect Venezuelan oil revenues
The United States is considering imposing financial sanctions on Venezuela that would stop paying Venezuelan oil for the dollar, a senior White House official and an adviser familiar with the talks said.
The move could lead to a significant reduction in OPEC's crude oil exports and its socialist government's hard currency.
The sanctions, which prevent Venezuelan state oil company Petroleos de Venezuela from trading in US currency, are among the most widely discussed measures by the White House that are linked to oil, the sources said.
The administration aims to pressure Socialist President Nicolas Maduro to stop plans to create a controversial new legislature that critics say will bolster his status as a dictator.
Venezuelan oil-dependent economy has been severely stagnated and local currency has collapsed and Maduro faces anti-government riots for months that have killed nearly 1,000 people.
Sanctions on dollar trading would make it more difficult for the Maduro government to have cash to pay for debt and finance commodity imports.
The White House declined to comment on the sanctions under consideration. Petroleos de Venezuela and Venezuela's Oil Ministry did not respond to requests for comment.
The US measures under consideration are similar to the measures imposed against Iran over its nuclear program, which cut Iranian oil exports by half.
Turkey
Fitch Ratings Confirms High Risk Turkey Turkey's credit rating
agency Fitch Ratings has maintained its rating of Turkey's "high-risk sovereign debt" based on political and geopolitical tensions as well as economic incentives that could weaken the country's fiscal performance this year.
Fitch had lowered in January, its rating of Turkey to "BB +" of "BBB-" in expressing concerns about political insecurity after a failed coup last year.
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