Economic Slowdown Weighs On Oil Prices – 20 February, 2019

U.S. sanctions on Venezuela and Iran as well as OPEC led supply cuts left oil prices hovering just under 2019 highs, weighed down by slow growth in the global economy. International Brent crude futures were 6 cents higher than their last close at $67.14 per barrel, just below its 2019 high of $67.38 per barrel. U.S. West Texas Intermediate crude oil futures were 17 cents and 0.3 percent higher at $57.33 per barrel, having reached a 2019 high the day before of $57.55. OPEC led cuts have pushed 2019 prices higher, balancing out the pull down caused by slower economic growth. Last year, OPEC and Russia have agreed to cut output by 1.2 barrels per day, preventing a global oversupply, however U.S. oil production has risen to over 2 million bpd, weighing heavily on the oil prices and preventing them from rising.