Oil prices edged up on Tuesday, buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.

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Prompt British wholesale gas prices traded sideways on Tuesday morning as the system was almost balanced and heating demand declined.

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The British wholesale gas price for day-ahead delivery rose on Monday morning due to colder temperatures expected on Tuesday, while other contracts traded below Friday’s close. ›

Oil prices rose to their highest so far this year on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry tightened markets. ›

Oil held below $54 a barrel after its best January on record as a weak Chinese manufacturing reading and the lack of a major breakthrough in the trade talks reignited concerns a growth slowdown will hurt demand.

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British wholesale gas prices fell on Friday morning due to a well-supplied system and adjusted weather forecasts which show slightly milder temperatures from the middle of next week.

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British wholesale gas prices edged lower on Thursday in a well-supplied market boosted by storage withdrawals and the prospect of more liquefied natural gas (LNG) deliveries. ›

Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation. ›

British wholesale gas prices edged up on Wednesday morning due to higher demand as a result of cold temperatures. ›

Oil prices held steady on Wednesday, supported by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by a darkening outlook for the global economy. ›