Oil slips to $67 as economy concern counters OPEC cuts
LONDON - Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.
Brent crude, the global benchmark, rose 20 cents to $67.36 a barrel at 1207 GMT. It reached a 2019 high of $68.14 last week. U.S. West Texas Intermediate crude added 5 cents at $58.57. Japan’s exports fell for a third month in February and U.S. manufacturing output fell. Analysts at Bernstein Energy said on Monday that while they expect oil demand to rise by 1.3 million barrels per day in 2019, a global slowdown could limit growth to below 1 million bpd.
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