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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 Bloomberg report published on Tuesday reported that OPEC has warned US bankers against the NOPEC bill currently under debate in US Congress. Sources quoted UAE oil minister saying that if the NOPEC bill passed and made OPEC members prone to U.S. anti-cartel legislation, the group would first break up and then, every member would lift individual production to the maximum.
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.
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 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.
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 climbed on the back of OPEC-led supply cut and US sanctions, to hit 2019 highs. International benchmark Brent crude rose 0.5% and was priced at $64.91 a barrel. US WTI crude futures climbed 0.6% and were traded at $54.74 per barrel. OPEC and other producers decided last year to cut crude output by a joint 1.2 million bpd to prop up prices.
Oil prices on Wednesday gained over OPEC’s supply cut statement and US sanctions on Venezuela. International Brent crude futures rose 0.8%, to $62.93 per barrel. US WTI crude oil futures climbed 0.9% to $53.60 per barrel. OPEC on Tuesday said that the cartel had curbed its output by approximately 800,000 bpd in January to 30.81 million bpd.
Oil prices dipped in the international market today after EIA data showed climb in US crude inventories, with production levels in the country hitting record levels. Brent crude futures lowered 0.4% to $62.43/barrel. US WTI crude futures dropped by 0.3% to $53.84 per barrel. EIA data yesterday indicated US crude inventories climbing to 447.21 million barrels. US sanctions against Venezuela are estimated to halt 500,000 bpd of crude exports.
A drop in Saudi crude supply to the US has pushed the oil prices up. Further, U.S. sanctions imposed on Venezuela’s state-oil firm PDVSA have also led to some supply disruptions. WTI went up by 0.7%, at $54.58 per barrel. Brent increased by 0.8%, to $62.17 per barrel. However, the oil supply is still surplus supported by increased US production.