Oil prices slip as market eyes U.S. inventories

Oil prices edged lower on Wednesday, reversing earlier gains, as further disruptions to Venezuela’s crude exports were offset by a report that U.S. inventories rose last week.

Brent crude futures were down 10 cents at $67.87 a barrel at 1140 GMT. U.S. crude futures were down 36 cents at $59.58 a barrel.

Venezuela’s main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month.

Crude exports from the key OPEC member have dropped sharply since Washington in January banned U.S. refiners from buying Venezuelan oil.

Oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries and other major producers, along with U.S. sanctions on exports from Venezuela and Iran.