There's a big oil story flying under the radar

Rising tensions between Saudi Arabia and Iran, as well as the kingdom's weekend crackdown, have drawn the attention of oil watchers. But there's another big oil story flying under the radar that should not be overlooked: Venezuela is creeping closer towards a formal default. "We caution against taking one’s eye off the looming sovereign debt crisis in Venezuela that could further curtail output from the stressed state," Helima Croft, head of commodity strategy at RBC Capital Markets, said in a note to clients. More…