Oil dips on weak economic outlook, but OPEC-led cuts still support
Monday, 18 March 2019 08:58 WIB | ENERGY |Minyak WTICadangan Minyak Mentah ASMinyak MentahMinyak Brent

Oil prices dipped early on Monday, weighed down by concerns that a global economic downturn may dent fuel consumption.

However, crude markets remain broadly supported by supply cuts led by producer group OPEC and by aggressive sanctions by the United States against Iran and Venezuela.

Brent crude oil futures were at $67.03 per barrel at 0053 GMT, down 13 cents, or 0.2 percent, from their last close, but not far off the $68.14 per barrel 2019-high reached last week.

U.S. West Texas Intermediate (WTI) futures were at $58.37 per barrel, down 15 cents, or 0.3 percent, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week.

U.S. crude oil production still increased at the start of 2019, hitting a record 12.1 million barrels per day (bpd) in February, but output has since dipped back to 12 million bpd, data from the Energy Information Administration (EIA) showed.

Source : Reuters

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