Crude Oil Prices Drift Lower Again

WASHINGTON (Alliance News) - Crude oil prices are drifting lower Monday morning, amid concerns ...

Alliance News 11 February, 2019 | 11:24AM
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WASHINGTON (Alliance News) - Crude oil prices are drifting lower Monday morning, amid concerns about possible drop in energy demand due to slowing global economy.

Despite OPEC-led production cuts and US sanctions on Venezuela's oil industry, concerns about excess supply linger due to higher output in the US

West Texas Intermediate Crude oil futures for March are down USD0.45, or 0.85%, at 52.27 a barrel.

On Friday, WTI oil futures for March ended up USD0.08, or 0.2%, at USD52.72 a barrel.

Brent Crude futures for March are down USD0.10, or 0.16%, at USD62.00 a barrel.

Data released by the Energy Information Administration last Wednesday, showed a 1.26 million barrels increase in US stockpiles in the week ended February 2. The increase, however, was less than what was expected.

Average weekly US crude oil production remained at a record 11.9 million barrels per day it reached in late 2018.

Baker Hughes reported on Friday that US oil rigs count increased by 7 to 854 last week, after falling by 15 a week earlier.

Worries about global growth have increased after the EU recently lowered its growth forecasts for the Euro area for the current year, as well as the next one.

The next round of high level trade talks between the US and China begin later this week. US Treasury Secretary Steven Mnuchin and other US officials are scheduled to travel to Beijing to continue trade negotiations. Last week, US President Trump had ruled out meeting the Chinese President Xi Jinping anytime before the expiry of March 1 deadline.

Copyright RTT News/dpa-AFX

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