Future Oil Cuts Hint Helps Boost Prices – 15 October, 2019

OPEC’s hints that deeper supply cuts will be made helped boost oil prices, but concern over a global economic slowdown capped gains. International Brent crude oil futures gained 0.3% or 21 cents to $58.95 per barrel. U.S. West Texas Intermediate crude rose 0.3% or 16 cents to $52.97 per barrel. A rise in U.S. inventories kept prices under pressure, with OPEC stating that they will do whatever necessary to keep the market stable in 2020. Lingering trade tensions between the U.S. and China, as well as uncertainty over Brexit and a concern for the global economy all kept prices from rising higher.