News Oil 

Oil prices stable amid sanctions and OPEC cuts, but economic concerns drag

“Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand” writes Lucy Nicholson for cnbc.com. Crude oil use by China’s refineries in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.Meanwhile, a political and economic crisis in Venezuela combined with U.S. sanctions against Venezuela as well as Iran, have further tightened oil markets.U.S. West Texas Intermediate (WTI) crude oil futures were at $58.53 per barrel, down 8 cents from their last settlement, and also not far off their 2019-high of $58.74 from the previous day.International benchmark Brent crude oil futures were at $67.16 per barrel at 0029 GMT, down 7 cents from their last close, but still within a dollar of the $68.14 per barrel 2019-high reached the previous day.
 
Source: cnbc.com



Related posts