WTI Crude Oil and Natural Gas Forecast

15 March, 2019, 06:39 | Author: Erin Carter
  • EIA: The US imports and exports substantial volumes of petroleum

However, uncertainty around the US-China trade dispute (as per recent events) remains a threat to this view and could undermine further bullish attempts.

But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand.

Global benchmark Brent crude oil futures LCOc1 were at $67.16 per barrel at 0029 GMT, down 7 cents from their last close, but still within a dollar of the $68.14 per barrel 2019-high reached the previous day.

American benchmark West Texas Intermediate was at $57.25 a barrel at the same time - a 0.1 percent increase after ending the previous session at $57.18 per barrel.

The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".

"Tighter global inventories from OPEC-led supply cuts and".

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The decline in inventories and output in the world's biggest crude producer alleviated some investor unease on the rising crude oil oversupply around the world.

"That's probably a reflection of the price fluctuation we've seen in today's prices", said Phil Streible, senior commodities strategist at RJO Futures in Chicago. Other factors that have been influencing oil prices include the current blackout in Venezuala alongside the state of the ongoing trade talks between Washington and Beijing. Prices were "getting too high", the president said.

However, there have been reports, initially from Bloomberg News, that a meeting between Trump and Chinese President Xi Jinping will be delayed until at least April.

Data showing China's industrial output grew 5.3 percent in January and February, the slowest pace of expansion in 17 years, also limited gains, Flynn said. USA crude oil demand in 2019 is expected to rise by 360,000 barrels to 20.81 million barrels per day, a former Energy Information Administration (EIA) for an increase of 350,000 barrels per day.

Continued supply reductions would further support oil prices, which are up about 25 per cent this year at $68 a barrel.

Amid the turmoil, two storage tanks exploded at a heavy-crude upgrading project in eastern Venezuela on Wednesday, according to an oil industry source and a legislator.

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