Oil prices rise amid supply cuts

29 March, 2019, 09:36 | Author: Erin Carter
  • Oil Falls Most in Three Weeks as Slowdown Fears Trigger Sell-OffMore

Brent crude oil futures rose by just 30 cents to $67.33 a barrel on Monday afternoon, while US West Texas Intermediate (WTI) futures increased by only 11 cents to $59.15 a barrel. Trump's remarks were not the first time he's voiced his opinion that oil prices are too high.

FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017.

US crude inventories have drawn down for two straight weeks, slumping almost 10 million barrels in the latest EIA report.

Oil rose further above $67 a barrel on Tuesday as OPEC supply cuts and expectations of lower USA inventories outweighed concern about weaker demand due to an economic slowdown. Additional support is being fueled by the US sanctions against Iran and Venezuela.

Oil prices fell on Thursday, extending losses into a second consecutive session following a surprise rise in USA crude inventories and President Donald Trump's latest tweet asking OPEC to tamp down the cost of crude.

"Oil supply fundamentals remain price-constructive with OPEC+ collectively making good progress on pledged supply cuts", BNP Paribas strategist Harry Tchilinguirian told the Reuters Global Oil Forum.

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In early May, analysts expect the United States will extend some sanction waivers on Iranian oil but might reduce the number of countries receiving them.

The 180-day exemptions were granted in November to eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

Weekly figures on USA oil data from the American Petroleum Institute (API), an industry group, will be released on Tuesday, followed by the official Energy Information Administration (EIA) figures on Wednesday.

"Enjoy it whilst it lasts".

Brent crude oil futures Friday were at $66.96/Bbl, down 1.3%.

The number of oil rigs in the US fell to 824 for week ending March 22, a drop of nine over the previous week, according to data released by oilfield services company Baker Hughes on Friday. Demand concerns on the back of economic jitters linked to the US-Chinese trade war have further capped prices.

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