Oil prices were on Wednesday weighed down by economic growth concerns that dampe...
SINGAPORE - Oil prices were on Wednesday weighed down by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela.
U.S. West Texas Intermediate crude futures were at $58.92 per barrel, down 11 cents, or 0.2 percent, from their previous settlement. WTI on Tuesday reached its strongest level since Nov. 12 at $59.57 a barrel.“Global growth concerns and ongoing oversupply fears creating headwinds for the commodity,” said Lukman Otunuga, analyst at futures brokerage FXTM.
“The shaky supply outlook with regard to Venezuela and Iran, as well as the petro-nations’ output restrictions are top of mind in the oil market,” said Norbert Ruecker, head of economics at Swiss bank Julius Baer. Between those price levels, Ruecker said “the U.S. shale boom almost fully meets global oil demand growth mirrored by the strongly expanding crude oil exports,” which hit a record 3.6 million bpd in February.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
OPEC cancels April meeting, leaving price-boosting oil output cuts in place through JuneOPEC and its allies will not make a decision to extend production cuts in April, giving the group more time to assess the oil market.
और पढो »
Oil edges above $67 as OPEC-led supply cuts supportOil edged further above $67 a barrel on Monday, supported by the prospect of pro...
और पढो »
$60-$70 oil is the 'pain threshold' for the US and OPEC, JPMorgan saysAn oil price of between $60 and $70 per barrel is both a 'sweet spot' and 'pain threshold' for rival oil producers in the U.S. and OPEC according to the head of EMEA Oil & Gas Research at JPMorgan.
और पढो »
Saudi's Falih: OPEC may cancel April meet, but hold steady on oil outputOPEC and its non-OPEC partners need to reconsider if there is a need for a meeti...
और पढो »
Oil slips on economic slowdown, but OPEC-led cuts still supportOil prices dipped on Monday amid concerns that an economic downturn may dent fue...
और पढो »
Oil eases on economic worries, but OPEC-led cuts supportOil prices dipped on Monday amid concerns that an economic downturn may dent fue...
और पढो »
OPEC, Russia Deepen Oil Output Cuts but Disagree on Their DurationOPEC and a group of 10 oil-producing nations led by Russia are deepening their crude production cuts, but remain split on whether the curbs should remain in place through the end of the year, officials said.
और पढो »
Saudi signals OPEC may need to extend oil cuts until end-2019Saudi Arabia said on Sunday OPEC's job in rebalancing the oil market was fa...
और पढो »
Oil hovers near 2019 highs on OPEC-led supply cuts, U.S. sanctionsOil prices hovered just below 2019 highs early on Tuesday, supported by ongoing ...
और पढो »
Oil near 2019 highs on OPEC supply cuts, U.S. sanctionsOil prices were near 2019 highs on Tuesday, supported by supply cuts led by prod...
और पढो »