Prices Of Oil Stable Despite Economic Slowdown – 14 March, 2019

OPEC led production cuts, as well as U.S. sanctions against Venezuela and Iran helped steady oil prices, creating a deficit in global supply, with prices capped over the concern of an economic slowdown. Brent crude oil futures fell 8 cents since their last close to $67.15 per barrel, while U,S, West Texas Intermediate crude oil futures dropped 6 cents to $58.55 per barrel. Since the beginning of the year, oil has rallied roughly a quarter despite this weeks dips. In an effort to tighten the markets, OPEC and non OPEC countries have proposed to cut global production by roughly 1.2 million barrels per day.