Oil  prices fell heavily yesterday amid renewed concerns about Venezuelan policy following a report that Caracas had ordered the state oil company PDVSA to break its OPEC quota.

Immediately after the news, London Brent blend crude futures fell by more than a dollar to a session low of $24.35 from a session high of $25.40. By the end of trade, Brent had rallied slightly, but was still 34 cents weaker at $24.73. US light crude also shed earlier gains and was 20 cents lower at $25.75 a barrel.