Oil prices dipped on Monday amid concerns that an economic downturn may dent fue...
SINGAPORE - Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.
U.S. West Texas Intermediate futures CLc1 were at $58.32 per barrel, down 20 cents, or 0.3 percent, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week. Despite this, oil prices have gained around a quarter since the start of the year amid U.S. sanctions against Iran and Venezuela, and as the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia - known as OPEC+ - have pledged to withhold 1.2 million bpd in supply to prop up prices.
Key for the supply and demand balance will be the United States, where crude production has soared by around 2 million bpd over the past year, thanks largely to an onshore boom in shale formation drilling.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil gains as Saudi stands by OPEC supply cuts, U.S. rig activity dropsOil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-...
Read more »
Oil rises on ongoing OPEC-led supply cuts, fall in U.S. rig countOil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-...
Read more »
Fearing new oil glut, OPEC builds case for keeping supply cutsOPEC on Thursday cut the forecast of global demand for its oil this year as riva...
Read more »
Saudi Falih optimistic on continued commitment to OPEC+ oil supply cutSaudi Arabia's energy minister said on Sunday he was optimistic about conti...
Read more »
Saudi signals OPEC may need to extend oil cuts until end-2019Saudi Arabia said on Sunday OPEC's job in rebalancing the oil market was fa...
Read more »
OPEC, Russia Deepen Oil Output Cuts but Disagree on Their DurationOPEC and a group of 10 oil-producing nations led by Russia are deepening their crude production cuts, but remain split on whether the curbs should remain in place through the end of the year, officials said.
Read more »
Oil prices rise amid broad market rally, OPEC supply cutsOil prices rose on Tuesday, lifted by healthy demand and output cuts led by prod...
Read more »
Saudi energy minister says OPEC needs 'to stay the course' on supply cut pactSaudi energy minister Khalid al-Falih said on Sunday the job of OPEC and its all...
Read more »
Russia will be fully compliant with OPEC-led supply cuts by April, energy minister saysRussian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks.
Read more »
OPEC Secretary General Barkindo wants to find the secret behind US shale's successFacing the loss of output from two member states, OPEC and its partners meet this weekend in Azerbaijan to assess the progress of their agreement to hold back oil from the market.
Read more »