The United States imported exactly zero barrels of crude from Venezuela last week, according to government statistics. It marks a sharp decline from the prior week, when the United States imported 112,000 barrels per day from Venezuela. The plunge in oil shipments from Venezuela helped lift US oil prices above $60 a barrel this week for the first time since November. The situation has caused a strange phenomenon, where heavy crude is trading on par or even at a premium to light crude. Because it's becoming harder and harder to find those heavy crude barrels," said Tran.

Source: CNN March 21, 2019 16:52 UTC