Energy Market Report – Oil

  • Market Comments January

    Wednesday 2nd January 2019 - Oil markets fell by around 1 percent in 2019’s first trading on Wednesday, pulled down by surging U.S output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted. International Brent crude futures LCOcl were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 percent, from their final close of 2018. West Texas Intermediate (WTI) futures CLcl were at $44.95 per barrel, down 47 cents, or 1 percent.

    Thursday 3rd January 2019 - Oil prices dropped by 1 to 2 percent on Thursday among volatile currency and stock markets, and on concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging. U.S West Texas Intermediate (WTI) crude oil futures CLcl dropped by 1.8 percent, or 82 cents, from their last settlement to $45.72 by 0739 GMT. International Brent crude futures LCOcl were down 1 percent, or 53 cents, at $54.38 a barrel.

    Friday 4th January 2019 - Friday’s oil prices were on the rise by more than 1 percent, shaking off earlier losses, after China said it would hold talks with the U.S government on Jan. Brent crude futures LCOc1 were at $56.60 per barrel at 0741 GMT, up 65 cents, or 1.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.61 per barrel, up 52 cents, or 1.1 percent.

    Monday 7th January 2019 - Oil prices were on the rise by more than 1.5 percent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures LCOcl were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 percent, from their last close. U.S West Texas Intermediate (WTI) crude oil futures CLcl were at $48.85 per barrel, up 89 cents, or 1.9 percent.

    Tuesday 8th January 2019 - Oil prices were steady on Tuesday, maintained by hopes that talks in Beijing between U.S. and Chinese officials might defuse trade disputes between the world’s biggest economies, while OPEC-led supply cuts also tightened markets. International Brent crude futures LCOc1 were at $57.42 per barrel at 0742 GMT, up 9 cents, or 0.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.56 per barrel, up 4 cents, or 0.1 percent.

    Wednesday 9th January 2019 - Oil prices were on the rise by around 1 percent on Wednesday, extending increases 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. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT, up 64 cents, or 1.3 percent, from their last settlement. International Brent crude futures LCOc1 were up 69 cents, or 1.2 percent, at $59.41 per barrel.

    Thursday 10th January 2019 - Oil prices dropped by about 1 percent on Thursday on swelling U.S. supply and among a cautious reaction to trade talks between the United States and China, the world’s two largest oil consumers, that finished without concrete details to ending their dispute. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $51.80 per barrel at 0432 GMT, down 56 cents, or 1.1 percent, from their last settlement. International Brent crude futures LCOc1 were down 0.9 percent, or 57 cents, at $60.87 per barrel.

    Friday 11th January 2019 - Oil prices were on track for weekly increases on Friday, despite this, markets were held in check by expectations of an economic slowdown in 2019. International Brent crude futures LCOc1 were at $61.62 per barrel at 0749 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 4 cents above their last settlement, at $52.63 per barrel.

    Monday 14th January 2019 - Oil prices dropped by 1 percent on Monday, with Brent crude sliding below $60 per barrel, after Chinese data showed weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer. International Brent crude oil futures LCOc1 were at $59.88 per barrel at 0816 GMT, down 60 cents, or 1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 59 cents, or 1.1 percent, at $51 a barrel.

    Tuesday 15th January 2019 - Oil prices were on the rise by around 1 percent on Tuesday among supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand. International Brent crude oil futures LCOc1 were at $59.62 per barrel at 0740 GMT, up 63 cents, or 1.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.14 per barrel, up 63 cents, or 1.3 percent.

    Wednesday 16th January 2019 - Oil prices were firm on Wednesday after rising about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown. Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close. West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel.

    Thursday 17th January 2019 - Oil prices dropped on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel at 0752 GMT, down 39 cents, or 0.8 percent, from their last settlement. International Brent crude oil futures LCOc1 were down 37 cents, or 0.6 percent, at $60.95 per barrel.

    Friday 18th January 2019 - Oil prices were on the rise on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month. International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.65 per barrel, up 58 cents, or 1.11 percent, from their last settlement.

    Monday 21st January 2019 - Oil prices were on the rise to their highest so far in 2019 on Monday after data showed refinery processing in China, the world’s second-largest oil consumer, climbed to a record last year despite a slowing economy. International Brent crude oil futures LCOc1 were at $62.75 per barrel at 0747 GMT, up 5 cents, or 0.1 percent, from their last close. Brent earlier rose above $63 for the first time in 2019. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.87 a barrel, up 7 cents, or 0.1 percent.

    Tuesday 22nd January 2019 - Oil prices dropped on Tuesday on signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, strengthening concerns over future fuel demand. International Brent oil futures LCOc1 were at $62.26 per barrel at 0736 GMT, down 48 cents, or 0.8 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.43 per barrel, down 0.7 percent, or 37 cents.

    Wednesday 23rd January 2019 - Oil prices moved up on Wednesday after China and Japan said they would use economic spending to stem an financial slowdown that is weighing on global markets. International Brent crude oil futures LCOc1 were at $61.79 per barrel at 0743 GMT, up 29 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.22 per barrel, up 21 cents, or 0.4 percent.

    Thursday 24th January 2019 - Oil prices weakened on Thursday on lingering concerns that slowing global economic growth may limit fuel demand and after a surprise build in U.S. crude inventories. International Brent crude oil futures LCOc1 were at $60.90 a barrel at 0745 GMT, down 24 cents, or 0.4 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.44 per barrel, 18 cents lower from their last close.

    Friday 25th January 2019 - Oil prices were on the rise on Friday as disorder in Venezuela triggered concerns that its crude exports could soon be disrupted. Brent crude oil futures were at $61.62 a barrel at 0755 GMT, 53 cents, or 0.9 percent, above their last close. At one point earlier on Friday, the international benchmark crude rose as high as $61.92 a barrel. Brent, however, has shed about 1.8 percent this week and was on track to post its first week of losses in four weeks. U.S. West Texas Intermediate (WTI) crude futures were at $53.70 per barrel, up 57 cents, or 1.1 percent.

    Monday 28th January 2019 - Oil prices dropped 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further. International Brent crude oil futures were at $60.74 a barrel at 0804 GMT, down 90 cents, or 1.46 percent. U.S. crude oil futures were at $52.84 per barrel, down 85 cents, or 1.58 percent, from their last settlement.

    Tuesday 29th January 2019 - Oil prices were on the rise on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA a step that may curb the OPEC member’s crude exports to the United States. U.S. West Texas Intermediate (WTI) crude futures were at $52.29 per barrel at 0747 GMT, up 20 cents, or 0.4 percent, from their last settlement. International Brent crude oil futures were at $60.11 per barrel, up 18 cents, or 0.3 percent.

    Wednesday 30th January 2019 - Oil prices remained steady on Wednesday, supported by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by a darkening outlook for the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $53.30 per barrel at 0748 GMT, virtually unchanged from their last settlement. International Brent crude oil futures were also flat, at $61.32 per barrel.

    Thursday 31st January 2019 - Oil prices were on the rise for a third straight day on Thursday on tighter supply after U.S. sanctions on Venezuelan exports and lower-than-expected U.S. fuel stocks, extending a surge this month as an OPEC+ production cut pact took effect. Still, concerns over the outcome of U.S.-China trade talks, which have resumed in Washington, have jangled investors’ nerves. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 3 cents or 0.06 percent at $54.26 per barrel at 1215 GMT. Brent crude oil futures LCOc1 were up 22 cents or 0.36 at $61.87 per barrel. The March contract expires on Thursday.

  • Market Commentary February

    Friday 1st February 2019 - Oil prices moved up on Friday among hopes the United States and China could soon settle their trade disputes, although data from China stoked concerns over an economic slowdown that could dent demand for fuel. International Brent crude oil futures were at $61.06 per barrel at 0755 GMT, 22 cents, or 0.4 percent, above their last close. U.S. West Texas Intermediate (WTI) futures were at $53.86 per barrel, up 7 cents from their last settlement.

    Monday 4th February 2019 - Oil prices were on the rise hitting their highest so far this year on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry tightened markets. International Brent crude oil futures climbed to a 2019 high of $63.37 per barrel around 0800 GMT after already rising by 3 percent the previous session. U.S. West Texas Intermediate (WTI) futures hit a 2019 high of $55.68 per barrel around the same after already gaining 2.73 percent in the last session.

    Tuesday 5th February 2019 - Oil prices were rising on Tuesday as investors expect U.S. sanctions on Venezuela and production cuts led by OPEC and its allies to head off any glut, but data showing a decline in U.S. factory orders weighed on the market. The supply optimism helped U.S. West Texas Intermediate (WTI) and Brent crude reach 2019 highs on Monday. WTI futures were up 46 cents, or 0.84 percent, at $55.02 per barrel by 0940 GMT. They touched their highest level in more than two months at $55.75 the previous day. International Brent crude futures were up 33 cents, or 0.53 percent, at $62.84 a barrel, down from a high of $63.63.

    Wednesday 6th February 2019 - Oil prices moved up for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped increases. U.S. West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 percent on Tuesday. International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 percent in the previous session.

    Thursday 7th February 2019 - Oil prices dropped on Thursday after U.S. 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. U.S. West Texas Intermediate (WTI) crude futures were at $53.66 per barrel at 0744 GMT, down 35 cents, or 0.7 percent, from their last settlement. International Brent crude oil futures fell 39 cents, or 0.6 percent, to $62.30 per barrel.

    Friday 8th February 2019 - Oil markets dropped on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support. U.S. West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 percent, from their last settlement. International Brent crude oil futures were down by 48 cents, or 0.8 percent, at $61.15 per barrel.

    Monday 11th February 2019 - Oil prices dropped on Monday as activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.17 per barrel at 0750 GMT, down 55 cents, or 1 percent, from their last settlement. International Brent crude oil futures were down 27 cents, or 0.4 percent, at $61.83 a barrel.

    Tuesday 12th February 2019 - Oil prices were on the rise on Tuesday among OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over economic growth to keep markets in check. U.S. West Texas Intermediate (WTI) crude oil futures were at $52.69 per barrel at 0751 GMT, up 28 cents, or 0.5 percent, from their last close. International Brent crude futures were up 38 cents, or 0.6 percent, at $61.89 per barrel.

    Wednesday 13th February 2019 - Oil prices were on the rise on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.52 per barrel at 0752 GMT, up 42 cents, or 0.8 percent, from their last close. International Brent crude futures were up 0.8 percent, or 52 cents, at $62.94 per barrel.

    Thursday 14th February 2019 - Oil prices were on the rise by around 1 percent on Thursday, with Brent crude futures hitting a 2019-high, buoyed by hopes that the Sino-U.S. tariff dispute could end soon and as China’s trade figures including crude imports beat forecasts. International Brent crude oil futures were at $64.35 per barrel at 0754 GMT, up 74 cents, or 1.1 percent, from their last close. Brent hit a 2019-high of $64.43 per barrel earlier in the session. U.S. West Texas Intermediate (WTI) crude futures were at $54.46 per barrel, up 57 cents, or 1.1 percent, from their last settlement.

    Friday 15th February 2019 - Brent crude oil prices dropped from 2019 highs above $65 per barrel reached earlier on Friday, as economic concerns countered OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field. Brent rose as far as $65.10, pushing past the $65 mark for the first time this year, before falling back to $64.69 by 0751 GMT. That was still 0.2 percent above the last close. The international benchmark for oil prices is near a 3-month high and set for a 4 percent gain for the week. U.S. West Texas Intermediate (WTI) crude futures were at $54.45 per barrel, up 4 cents from their last settlement.

    Monday 18th February 2019 - Oil prices on Monday were at their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end. International Brent crude futures were at $66.66 per barrel at 0746 GMT, up 41 cents, or 0.6 percent, from their last close. Brent earlier climbed to its highest since November 2018 at $66.78 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.07 per barrel, up 48 cents, or 0.9 percent, from their close. WTI prices also rose to their highest since November, at $56.13 per barrel, earlier on Monday.

    Tuesday 19th February 2019 - Oil prices drifted just below 2019 highs on Tuesday as traders waited for the outcome of U.S.-China trade talks this week, while supply cuts led by producer group OPEC meant markets were relatively tight. International Brent crude oil futures were at $66.52 per barrel at 0755 GMT, 5 cents above their last close and not far off the 2019 high of $66.83 a barrel hit in the previous session. U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, up 44 cents, or 0.8 percent, from their last settlement and close to the 2019 high of $56.33 touched the previous day.

    Wednesday 20th February 2019 - Oil eased on Wednesday in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to limit its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs. Brent futures were at $66.14 a barrel, down 31 cents on the day by 1049 GMT, still within sight of Monday’s high for the year of $66.83. U.S. futures were at $55.88 a barrel, down 21 cents, having touched a 2019 peak of $56.39 earlier.

    Thursday 21st February 2019 - Oil prices soared close to 2019 highs on Thursday, boosted 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. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.39 per barrel at 0742 GMT, 23 cents, or 0.4 percent, above their last settlement, and close to their 2019 high of $57.55 reached the previous day. International Brent crude futures were at $67.20 per barrel, 12 cents, or 0.2 percent above their last close and not far off their 2019 peak, hit the day before, of $67.38 per barrel.

    Friday 22nd February 2019 - Oil prices were stable on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. In spite of this, prices remained just below 2019 peaks reached earlier this week as U.S. crude oil production hit a record 12 million barrels per day (bpd) and its exports also surged. International Brent crude futures were at $67.18 per barrel at 0746 GMT, 11 cents above their last close, but below $67.38 per barrel reached earlier this week. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.15 per barrel, up 19 cents, but below this week’s $57.55 per barrel 2019 high.

    Monday 25th February 2019 - Oil prices dropped on Monday, dragged down by plentiful supply as U.S. exports soar and compete with traditional producers from the Middle East in key markets such as Asia. International Brent crude oil futures were at $66.94 a barrel at 0747 GMT, down 18 cents, or 0.3 percent, from their last close. They ended Friday little changed after touching their highest since Nov. 16 at $67.73 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $57.15 per barrel, down 11 cents, or 0.2 percent, from their last settlement. WTI futures climbed 0.5 percent on Friday, having marked their highest since Nov. 16 at $57.81 a barrel.

    Tuesday 26th February 2019 - Oil dropped on Tuesday to extend losses of more than 3 percent from the previous session, easing after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices. International Brent futures were at $64.70 a barrel at 0728 GMT, down 6 cents, or 0.1 percent, from their last close. Brent, which plunged 3.5 percent on Monday, touched its lowest since Feb. 14 on Tuesday at $64.32 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $55.26 per barrel, down 22 cents, or 0.4 percent.

    Wednesday 27th February 2019 - Oil prices were on the rise 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. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 percent, from their last settlement. International Brent crude futures were at $65.48 per barrel, up 27 cents, or 0.4 percent from their last close.

    Thursday 28th February 2019 - Oil prices dropped on Thursday among weakening factory output in China and Japan and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent crude futures were at $66.04 per barrel at 0747 GMT, down 35 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.78 per barrel, down 16 cents, or 0.3 percent, from their last settlement.

  • Market Comments March

    Friday 1st March 2019 - Oil prices ascended on Friday as markets tightened among output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further increases. International Brent crude futures were at $66.85 per barrel at 0750 GMT, up 54 cents, or 0.81 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.66 per barrel, up 44 cents, or 0.77 percent.

    Monday 4th March 2019 - Oil prices were on the rise on Monday, sustained by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 percent.

    Tuesday 5th March 2019 - Oil prices dropped on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 percent, from their last settlement. Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 percent.

    Wednesday 6th March 2019 - Oil prices fell this morning due to bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts. International Brent crude futures were at $65.47 per barrel at 0745 GMT, down 39 cents, or 0.6 percent, from their last settlement. Brent had dropped to as low as $65.22 earlier in the session on Wednesday.

    Thursday 7th March 2019 - Oil prices moved up on Thursday among ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but increases were capped by record U.S. crude output and rising commercial fuel inventories. Brent crude futures were at $66.12 per barrel at 0757 GMT, up 13 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.24 per barrel, up 2 cents.

    Friday 8th March 2019 - Oil prices fell by more than one percent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) cautioned of continued weakness and fresh data showed Chinese exports and imports slumped last month. With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 percent.

    Monday 11th March 2019 - Oil prices were on the rise on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a drop in U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.36 per barrel at 0738 GMT GMT, up 30 cents, or 0.5 percent from their last close. Brent crude futures were at $65.02 per barrel, up 28 cents, or 0.4 percent.

    Tuesday 12th March 2019 - Oil prices were on the rise on Tuesday, as OPEC’s de facto leader Saudi Arabia appeared to deepen the group’s supply cuts aimed at tightening markets, although increases were capped by the ongoing surge in U.S. supply and worries over the global economy. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.08 per barrel at 0746 GMT, up 29 cents, or 0.5 percent, from their last settlement. Brent crude futures were at $66.82 per barrel, up 24 cents, or 0.4 percent.

    Wednesday 13th March 2019 - Another day, another humiliating defeat for Theresa May's government on Brexit. Today, parliament turns to a vote on what is often described as "taking no-deal off the table". But it is not quite as simple as that. The motion due for debate is merely about excluding a no-deal exit on March 29 but still notes that a no-deal Brexit remains the default position unless a deal is ultimately reached. Oil prices were on the rise on Wednesday, pushed up by ongoing supply cuts from producer group OPEC and by U.S. sanctions against Iran and Venezuela. International Brent crude oil futures were at $66.95 a barrel at 0751 GMT, up 28 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $57.23 per barrel, up 36 cents, or 0.6 percent, from their last settlement.

    Thursday 14th March 2019 - OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production. Continued supply reductions would further support oil prices, which are up about 25 percent this year at $68 a barrel, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.

    Friday 15th March 2019 - Oil prices moved up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter. U.S. West Texas Intermediate (WTI) crude oil futures were up 15 cents at $58.76 per barrel at 0745 GMT, their strongest so far in 2019. Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.

    Monday 18th March 2019 - Oil prices were varied on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week. U.S. West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95.

    Tuesday 19th March 2019 - Tuesday’s oil prices were near 2019 highs, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output. U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day. Brent crude oil futures were up 20 cents at $67.74 per barrel, also close to this year’s peak of $68.14 marked late last week.

    Wednesday 20th March 2019 - Oil prices dropped on Wednesday, dragged down by concerns about global economic growth as the U.S.-China trade dispute rumbled on, but receiving some support from tightened supply. International Brent crude oil futures were at $67.34 a barrel at 1040 GMT, down 27 cents, or 0.4 percent. U.S. West Texas Intermediate (WTI) crude futures were at $58.51 per barrel, down 52 cents, or 0.88 percent.

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