Oil Prices Rebound To 2019 Highs

Trading 20 fév 2019 Donner votre avis

Oil prices recovered from early weakness Wednesday after surging U.S. output and concerns over slowing global growth overshadowed investor optimism over OPEC-led supply cuts as well as the U.S. sanctions against Iran and Venezuela.

But prices rebounded later in the day as Brent crude soared 63 cents or 0.95 percent to a fresh 2019 high of $67.08 dollars per barrel.

U.S. West Texas Intermediate (WTI) crude oil surged 77 cents or 1.36 percent to $57.22 - also high for this year.

U.S. crude production jumped by more than 2 million bpd in 2018 to a record 11.9 million bpd amid booming shale oil production, the Energy Information Administration said Tuesday.

Output is expected to keep rising while the global economy witnesses a synchronized slowdown in growth, according to BNP Paribas.

The material has been provided by InstaForex Company - www.instaforex.com

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