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Energy Information Administration
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 were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
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 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.
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 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 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 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 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 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 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.
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 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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