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Wednesday, 20 February 2019 17:00

Oil slips away from 2019 highs

Oil slips away from 2019 highs

Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela, Caspian Energy News (www.caspianenergy.net reports with reference to Reuters.

U.S. West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.39 per barrel on Wednesday but had slipped back to $56.15 per barrel by 0523 GMT, which was slightly above their last settlement.

International Brent crude futures were at $66.33 per barrel, down 12 cents, or 0.2 percent, from their last close, though still not far off their 2019 high of $66.83 per barrel from Monday.

Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC-member and top crude exporter Saudi Arabia is expected to reduce shipments of light crude oil to Asia in March as part of the effort to tighten markets.

OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.

More details: https://www.reuters.com/article/us-global-oil/oil-slips-away-from-2019-highs-as-surging-us-supply-undermines-opec-cuts-idUSKCN1Q901T?il=0

Person in charge of the newsline: Olga Nagiyeva 

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