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Oil prices slip to $71.43 per barrel

Oil markets fell on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing Organisation of Petroleum Exporting Countries (OPEC)-led supply cuts.

Oil hits 2019 highs amid OPEC-led supply cuts, US sanctions

Oil prices reached their highest so far for 2019 on Thursday as global markets tightened amid supply cuts led by producer club OPEC and U.S. government sanctions against Iran and Venezuela.

Oil prices pressured by economic slowdown

Oil prices were on Wednesday weighed down by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela.

Oil near 2019 highs on OPEC supply cuts, US sanctions

Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. | Akos Stiller | Bloomberg via Getty Images

Oil prices rise as OPEC resists Donald Trump pressure to ease supply cuts

Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.

Oil prices fall as U.S. crude output hits record 12 million bpd

Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil ticks over near 2019 highs amid OPEC cuts, but economic slowdown applies brakes

Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.

Oil slips away from 2019 highs as US supply undermines OPEC cuts

Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela.

Oil prices drop on rising US crude supply, but OPEC cuts support

Oil prices fell on Thursday after US crude inventories rose and the country’s production held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.

Oil prices fall with US record output, inventory

Rising U.S. crude inventories and record production levels knocked down oil prices Thursday, but OPEC-led supply cuts and Washington’s sanctions against Venezuela stabilised markets.

Oil prices soar as Saudi Arabia cuts US supply

Oil prices rose for a third day on Thursday pushed up by lower imports into the United States amid OPEC efforts to tighten the market as well as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

Oil prices slip as U.S. crude output nears 12 million bpd

Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.

Oil rises one per cent on US, China trade talk optimism

Oil prices rose by around one per cent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.

Oil markets kick off new year with losses on signs of economic slowdown

Oil markets dropped by around one per cent in 2019’s first trading on Wednesday, pulled down by surging US output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted.
US crude oil

US now world’s biggest crude oil producer

The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.

Oil prices steady after stock markets plunge

Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011.

Oil prices rise towards $85 on surprise drawdown in US crude stockpiles

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in U.S. crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries.

Oil prices dip amid expectations of higher US inventories

Oil prices dipped on Tuesday amid expectations of an increase in U.S. crude inventories, but signs of a fall in Iranian oil exports this month kept losses in check.

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