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Oil falls from a four-month high but OPEC cuts and sanctions support the market

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Oil falls from a four-month high but OPEC cuts and sanctions support the market Empty Oil falls from a four-month high but OPEC cuts and sanctions support the market

Post by claud39 on Thu Mar 21, 2019 8:39 am

http://economy-news.net/content.php?id=15896



Oil falls from a four-month high but OPEC cuts and sanctions support the market


03/21/2019





Oil falls from a four-month high but OPEC cuts and sanctions support the market 8819





Economy News Baghdad



Oil slipped away from a high of 2019 hit earlier in the session on Thursday, but markets remain relatively tight amid OPEC-led supply cuts and US government sanctions on Iran and Venezuela.
By 0712 GMT, US WTI crude futures were $ 60.12 a barrel, down 11 cents, or 0.2 percent, from the previous settlement price. West Texas crude hit its highest level since Nov. 12 earlier in the session at $ 60.33 a barrel.
Brent crude futures were $ 68.52 a barrel near the previous settlement level after hitting $ 68.69 a barrel earlier in the session, their highest since November 13.
Oil prices have risen by about a third since the beginning of 2019 as OPEC-led supply cuts as well as US sanctions on Iran and Venezuela.
OPEC oil output fell from a peak in mid-2018 at 32.8 million bpd to 30.7 million bpd in February.
US sanctions have also caused supply disruptions.
 
"Venezuelan exports to the United States have finally stopped, after the US administration imposed sanctions earlier this year," ANZ Bank said on Thursday.
 
Iran's oil exports also declined. The United States aims to cut Iran's crude exports by about 20 percent to less than 1 million bpd by May, by requiring countries to cut their purchases to avoid US sanctions.
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