OPEC Tries To Level Markets As Oil Dips On U.S. Production – 6 February, 2019

Washington’s sanctions against Venezuela coupled with OPEC led cuts helped level markets despite continued record output by the U.S., though prices did still manage to slip. U.S. West Texas Intermediate crude futures fell 0.4 percent and 19 cents to $53.82 per barrel. International benchmark Brent crude oil futures dipped 0.4 percent and 25 cents to $62.44 per barrel. U.S. crude oil production remained at roughly 11.9 million barrels per day, making the country the worlds biggest oil producer,  but inventories rose by 1.3 barrels last week to 447.21 million barrels. Voluntary cuts by OPEC countries are an attempt to level the market despite the U.S.’s output.