Oil Prices Rise As U.S. Output Breaks – 20 March, 2019

Fears of a slowing market dragged oil prices down this week, falling from a four month high. International Brent crude oil futures dipped 3 cents from their last close and a high last hit in November of $68.57 down to to $68.47. U.S. West Texas Intermediate crude futures fell 7 cents and 0.1 percent to $60.16 per barrel,  having hit a their highest since November the previous session at $60.19 per barrel. Last week, U.S. oil stockpiles fell by 10 million barrels, its lowest since July, with growing concerns over a slowing economy. OPEC’s efforts to cut global supply to balance prices had long been counteractive against output from the U.S.