Oil holds near one-month high, set for third week of gains amid supply woes

SINGAPORE (Reuters): Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade.
Brent crude futures dipped 8 cents, or 0.1 per cent, at $73.95 a barrel as of 0213 GMT. US West Texas Intermediate crude futures were also down 8 cents, or 0.1 per cent, to $69.84 a barrel at 0049 GMT.
The moves were minor compared to the gains of over 2 per cent for both contracts so far this week.
US president Donald Trump on Monday announced new 25 per cent tariffs on potential buyers of Venezuelan crude, days after US sanctions targeting China's imports from Iran.
The order added fresh uncertainty to buyers and saw trade of Venezuelan oil to top buyer China stall. Elsewhere, sources said India's Reliance Industries, operator of the world's biggest refining complex, will halt Venezuelan oil imports.