Oil Prices Dip Off 2019 Highs – 21 February, 2019

Slow economic growth and an rapidly growing U.S. oil inventories caused prices of the commodity to fall below 2019 highs as production continues to grow for a fifth straight week. U.S. West Texas Intermediate crude oil futures dropped 13 cents to $57.03 having hit a 2019 high the previous day of $57.55. Brent crude futures dipped 1 cent to $57.07, having hit a 2019 high on Wednesday of $67.38. The U.S. crude oil stockpile has risen steadily for five weeks, reaching its highest in over a year at 3.7 million barrels in the week of Feb 15, adding to the 454.5 million barrels, while crude exports rose to a record 3.6 million barrels per day. OPEC countries agreed to cut output by 1.2 million bpd in order to prevent an oversupply, helping lessen losses by tightening global supply.