Oil Prices Rise, OPEC Cuts Play A Part – 11 March, 2019

OPEC cuts as well as an increase in demand helped boost oil prices this week. U.S. West Texas Intermediate crude oil futures gained 18 cents and 0.3 percent to $56.97 per barrel from their last close. Brent crude oil futures rose 17 cents and 0.3 percent to $66.75 per barrel. A political and economic crisis in Venezuela, an OPEC member, contributed to the rise in prices, as well as new laws and demand from the International Maritime Organization. The surge in U.S. oil supply has kept prices down, with record output only expected to grow over the next five years as the country aims at importing less and exporting more.