Global Economic Slowdown Caps OPEC Price Gains – 28 February, 2019

OPEC’s output cuts helped push oil prices higher, but a U.S oversupply and a slowdown in global economic growth kept prices at bay. U.S. West Texas Intermediate crude oil futures were up 23 cents and 0.4 percent from their last close to $57.45 per barrel. International Brent Crude futures were up 24 cents and 0.4 percent to $66.55 per barrel. U.S. let sanction on OPEC producer Venezuela, while also suffering economic and political issues, are exporting 40 percent and roughly 920,000 barrels less per day. OPEC Led cuts have reduced production by roughly 1.2 million barrels per day in an effort to boost prices. U.S. crude pushed 3.6 million barrels per day in February to a record 12 million barrels per day in output.