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Friday, 22 February 2019 15:00

Oil prices firm on trade hopes

Oil prices firm on trade hopes

Oil prices were firm on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

Despite 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.

More details: https://www.reuters.com/article/us-global-oil/oil-prices-firm-on-trade-hopes-but-record-u-s-output-drags-idUSKCN1QB01W

Person in charge of the newsline: Olga Nagiyeva 

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