Oil firms as Saudis trim exports, United States output forecast reduced

Daniel Fowler
March 15, 2019

Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with US sanctions on Iran and Venezuela tightened global supplies.

A pumpjack is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017.

Traders have been weighed by the prospect of record USA shale production, with markets reacting often in direct correlation to any new news on the nation's output and expectations. Still, oil prices could also come under downward pressure from an economic slowdown.

Global benchmark Brent crude was trading at $67.83 per barrel at 0650 GMT with a 0.3 percent gain after closing Wednesday at $67.62 a barrel.

US West Texas Intermediate (WTI) crude futures were at $58.29 per barrel, up 3 cents, or 0.1 percent, from their last settlement.

This increase in price was mainly attributed to an announcement from the Energy Information Administration on Wednesday, reporting that USA crude supplies fell by around 3.9 million barrels last week. The report said rising production outside the group pressed the need for continued restraint by Opec+. Prices were "getting too high", the president said.

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Fresh concerns about the global economy weighed on oil prices.

Data showing China's industrial output grew 5.3 percent in January and February, the slowest pace of expansion in 17 years, also limited gains, Flynn said. A week earlier, crude inventories had increased by over 7 million barrels, more than thrice the expected rise.

The U.S. crude output downward revisions is set to ease worries that the glut of supply in the global oil market, coming mostly from the U.S., will be less than anticipated.

According to industry and trading sources who spoke to Reuters this week, SOMO has moved to scrap two joint ventures for trading as it aims to boost its crude oil sales on its own and get the trading revenues for itself.

The country's main oil terminal resumed shipments after a prolonged blackout.

The United States is now & # 39; the world's largest oil producer thanks to the oil-rock revolution that it is going to form by 2020 a net exporter of crude and refined products.

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