Oil Prices NEWS

Supply cuts by the producer club OPEC and the US sanctions on Iran and Venezuela led to the increase in oil prices on Friday. Brent was traded at $67.82 per barrel. WTI was unchanged from its last settlement and was traded at $60 per barrel. However, US production has shown a significant increase of more than 2 million bpd which has put a break in the further rise of prices.

Oil prices soared to almost 2019 high on the back of OPEC led supply cuts. The market is also supported by the US sanctions on Iran and Venezuela but can be weighed down due to rising US output. WTI was traded at $59.10 per barrel. Brent increased, at $67.64 per barrel. Recently, OPEC has cancelled its April meeting and will continue the supply cuts atleast till June.

Oil prices lowered in the international market on Monday over the concerns of an economic slowdown. The market was, however, held tight by OPEC-led supply cuts and sanctions on Iran and Venezuela. Brent crude oil futures dipped 0.2%, to $67.03 per barrel. US WTI crude futures dropped 0.3%, to $58.32 per barrel.

A minor deficit in global supply resulting from production cuts by OPEC and US sanctions kept oil prices firm in the international market on Friday. Brent crude oil futures remained in close vicinity with year highs, at $67.15 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures were traded at $58.55 per barrel.

Brent crude oil prices touched new year-highs today, buoyed up by OPEC-led supply cut and current US sanctions against Iran and Venezuela. Brent crude swelled up to $67.80 a barrel, before settling to $67.75 per barrel. U.S. WTI crude futures increased 0.2%, to $58.38 per barrel. Crude oil prices were also supported by a weekly report from EIA which showed a surprising plunge in US crude production and inventories.

Oil prices climbed up on the back of OPEC led supply cuts and US sanctions against Iran and Venezuela. Brent crude futures were up by 0.3% and were traded at $66.85 a barrel. WTI increased by 0.5% and was traded at $57.12 per barrel. Further, EIA has predicted US crude production to average about 2.30 million bpd in 2019.

Oil prices edged up in the international market on Tuesday, amidst healthy demand and OPEC-led output cuts. International benchmark Brent crude futures rose 0.3%, to $66.75 per barrel. US WTI crude oil futures climbed 0.3%, to $56.97 per barrel. Crude futures also gained support from a rally in broader financial markets. Analysts have averaged fuel prices to around $70 a barrel for 2019.

If sources were to be believed, senior government functionaries have directed state-owned oil marketing companies (OMCs) to keep the daily price movement of Diesel and Petrol in check until elections. To achieve this, a portion of the price hike in the international market will be absorbed by the country. The new move is believed to avert any resistance on the grounds of a frequent increase in fuel prices.

Saudi Arabia's Oil Minister has declined the possibilities of the halt in the supply cuts before June. This led to an increase in oil prices on Monday. Also, recent reports have shown a substantial decline in US drilling activity which has supported the market. Brent was up 0.5% and was traded at $65.04 per barrel. WTI increased by 0.6% and was traded at $56.39 per barrel.

Oil prices slid in the international market on Friday over a warning of the weak global economy from the European Central Bank (ECB). Benchmark Brent crude futures slipped 0.8% to $65.78 per barrel. U.S. West Texas Intermediate (WTI) crude futures lowered 0.7% to $56.25 per barrel. Official data released today indicated a 21% drop in China’s February dollar-denominated exports.

Oil prices increased on Thursday over OPEC-led supply cuts and US sanctions imposed on Iran and Venezuela. The prices were dragged down by record pumping of crude output and rising commercial fuel inventories in US. Brent increased by 0.6% and was traded at $66.36 per barrel. WTI went up by 0.4% and was traded at $56.45 per barrel.

Buoyant output forecasts by Exxon Mobil and Chevron and rising US crude stockpiles sent oil prices for a 1% downfall today. While Brent crude dipped 0.8% to $65.31/barrel, US WTI crude futures fell 0.9% to $56.05/barrel. Chevron and Exxon’s projections for the Permian Basin yesterday indicated escalations in shale oil production. Oil prices also took a hit from API report showing a rise of 7.3 million barrels in the inventories.

Oil prices dropped in the international market on Tuesday over weak growth in fuel demand, but OPEC-led supply cut reduced the loss. Benchmark Brent crude futures dipped 0.1%, to $65.60 per barrel. U.S. WTI crude oil futures lowered 0.2%, to $56.46 per barrel. Despite signs of a trade deal between the United States and China, crude demand growth has decelerated along with an economic slowdown in Europe and Asia.

OPEC led supply cut has tightened the crude market and led to an increase in oil prices on Friday. The global economic slowdown and surging US supply, on the other hand, restricted the prices from the further rise. Brent went up by 0.4% and was traded at $66.55 per barrel. WTI rose by 0.4% and was traded at $57.45 per barrel.

US oil prices were firm on Thursday amidst the fall in US inventories. OPEC stands non-negotiable on its supply cut decision which further supports the market but the prices were restricted from increasing further because of the record U.S. crude output of 12.1 bpd. WTI increased significantly and was traded at $57.01 per barrel.

On Wednesday, oil prices climbed on the back of declining US crude inventories. Despite Trump's call on OPEC, the oil cartel seems to stick with its supply cut decision. WTI increased by 0.9% and was traded at $56.02 per barrel. Brent rose by 0.5% and was traded at $65.55 per barrel. Oil supply remains surplus due to the increase in US crude production over the past year.

US President has asked OPEC to slow down its efforts to boost the market. This led to the decline of oil prices on Tuesday extending the losses from the previous session. Brent went down by 0.2%, to $64.66 a barrel. WTI slipped by 0.5% and was traded at $55.19 per barrel. Further, Saudi Arabia expects more than anticipated fall in its production in March due to the supply-reduction agreement.

Oil prices in the international market remained firm over continued progress in Sino-US talks and reduced global crude supply. International Brent crude oil futures moved up by 0.2%, to $67.26 a barrel. US West Texas Intermediate (WTI) crude futures also climbed 0.2%, to $57.38 per barrel. A statement from President Trump about sealing a deal with China amidst the trade talks kept the market hopeful.