arabic Highlights Oil and Gas

Oil lingers slightly under 2019 highs on OPEC’s supply cuts, U.S. sanctions

Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.

Concerns that an economic slowdown might soon impact fuel consumption are preventing crude prices from rising further, analysts said.

Brent crude oil futures were at $67.92 per barrel at 0643 GMT, 6 cents above their last close. Brent hit a four-month high of $68.69 per barrel on Thursday.

U.S. West Texas Intermediate (WTI) futures were at $60.04 per barrel, up 5 cents from their last settlement. WTI marked a 2019 peak in the previous session at $60.39.

“Global economic growth still remains a concern,” said Sukrit Vijayakar, director of energy consultancy Trifecta.

Economic growth has slowed across Asia, Europe and North America, potentially denting fuel consumption.

Still, oil prices this year have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia.

Investment bank RBC Capital Markets said oil was “still below the fiscal breakeven level in a number of OPEC countries”, meaning that many producers have an interest in further propping up the market.

Source Reuters

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