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Oil prices stabilize amid concerns over demand DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Oil prices stabilize amid concerns over demand

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Oil prices stabilize amid concerns over demand Empty Oil prices stabilize amid concerns over demand

Post by RamblerNash on Tue Aug 13, 2019 1:02 am

Oil prices stabilize amid concerns over demand

Oil prices stabilize amid concerns over demand Story_img_5d51d34487cfa

2019/8/12 23:59

Oil prices stabilized on Monday, as the market grappled with expectations that major producers would continue to cut global supplies and fears of slower growth in demand for crude due to the US-China trade war.

Brent crude futures ended up 4 cents to settle at $ 58.57 a barrel.

U.S. West Texas Intermediate (WTI) crude futures rose 43 cents to settle at $ 54.93 a barrel.

The Organization of the Petroleum Exporting Countries and its allies, the so-called OPEC +, have agreed to cut their crude supply by 1.2 million barrels per day since January 1.

Kuwait's Oil Minister Khalid al-Fadhil said on Monday his country was "fully committed" to implementing the OPEC + deal, adding that Kuwait had cut production by more than required under the deal.

"Kuwait's commitment to the implementation of the agreement to reduce production reached about 160% last July," he told KUNA.

He added: There is an exaggeration about the fears of the global economic downturn, which put downward pressure on prices, and that global demand for oil will recover in the second half, which will contribute to the reduction of surplus crude stocks gradually.

In a sign that Saudi Arabia, the de facto OPEC leader, plans to boost prices, state-owned Aramco is ready to launch what may be the world's largest initial public offering, analysts said.

“We will announce the IPO based on what the government thinks is the optimal market conditions,” said Khalid Al-Dabbagh, Aramco's senior vice president for finance, strategy and development.

Saudi officials said the government plans to list Aramco in 2020-2021 in a deal that is seen as the cornerstone of the kingdom's economic transformation, by attracting foreign investment and diversifying economic activities to reduce dependence on oil.

Analysts said: The tensions between the United States and Iran are also seen as contributing to the promotion of oil prices.

But they added that further supply cuts were needed to support prices as pessimistic forecasts about the global economy and oil demand growth emerged.

Economic prospects around the world have deteriorated as the trade dispute between the United States and China escalates, the Ifo economic institute in Germany said in its survey of 1,200 experts in more than 110 countries.

The International Energy Agency said on Friday that growing signs of an economic slowdown had caused global oil demand to grow at the slowest pace since the 2008 financial crisis.


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