Crude Oil Futures Settle Higher

Trading 29 mar 2019 Donner votre avis

Crude oil prices moved higher on Friday as drop in crude supply due to U.S. sanctions on Iran and Venezuela and the OPEC-led output cuts will will outweighed concerns about global economic showdown.

West Texas Intermediate Crude oil futures for May ended up $0.84, or 1.4%, at $60.14 a barrel, after rising to a high of $60.73 in the session, the best level in about 4-1/2 months.

On Thursday, crude oil futures for May ended down $0.11, or 0.2%, at $59.30 a barrel.

So far this year, WTI crude futures have gained 32.4%, the best quarterly performance in nearly ten years.

A report from Baker Hughes today showed the U.S. oil rigs count dropped by eight this week.

OPEC-led production cuts have been supporting oil prices since the beginning of this year, though at times crude was seen struggling to sustain higher levels due to rising U.S. output and concerns about energy demand due to weak global growth outlook.

In early December last year, OPEC and allies pleged t0 withhold around 1.2 million barrels per day of supply in 2019 to prop up markets.

It is expected that the group will continue with their output cuts through the rest of this year.

The cartel is scheduled to meet in June to review the situation and decide on whether to continue withholding supply or not.

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