Oil flat lined in Asia amid Venezuela concerns and fears of global growth slowdown

Oil prices on both sides of the Atlantic are flat lined in Asia as sanctions on Venezuela are likely keeping sellers at bay, while the concerns of global growth slowdown could be capping upside.

As of writing, Brent is trading at $61.12 per barrel, while WTI is changing hands at $53.26, both largely unchanged on the day, having rallied more than 2 percent yesterday.

The black gold picked up a strong bid yesterday after US sanctions on Venezuelan exports triggered worries over disruptions to supply. Rystad Energy, however, believes that Venezuelan supplies will not be eliminated, but would be rerouted to other countries, according to Reuters.

The realization that the sanctions on Venezuela may not have a big impact on supplies could have weakened bullish pressures around oil prices. Further, fears that the Sino-US trade war and the anemic demand in Europe would drag down global growth and fuel consumption are likely capping upside.

Looking ahead, oil could take cues from the US Energy Information Administration report on crude oil inventories due to be released on Wednesday at 10:30 a.m. EST.