World can rely on OPEC supply cushion for urgent oil needs: IEA:
Production cutbacks by OPEC nations are building a supply cushion that could be called upon to mitigate a possible supply shock from an abrupt drop in crisis-hit Venezuela’s output, the IEA said Friday.
With a nationwide blackout that paralyzed the country for one week, demonstrating the unreliability of the country’s electricity network, new questions are being raised about Venezuela’s ability to continue to produce and export oil.
In its latest monthly report, the Paris-based International Energy Agency said that Venezuela’s oil industry operations were seriously disrupted by the blackout and warned that “ongoing losses on a significant scale could present a challenge to the market.”
Friday, 15 March 2019
U.S. oil retreats from 2019 high on soaring production | Reuters
U.S. oil retreats from 2019 high on soaring production | Reuters:
U.S. crude futures eased slightly on Friday after hitting a 2019 high, as worries about the global economy and robust U.S. production put a brake on prices.
West Texas Intermediate (WTI) crude oil futures settled down 9 cents at $58.52 a barrel, having hit their highest so far this year at $58.95.
Brent crude futures settled down 7 cents at $67.16 a barrel, below their 2019 peak of $68.14 reached on Thursday.
U.S. crude ended the week 4.1 percent higher, and Brent was up 1.9 percent.
U.S. crude futures eased slightly on Friday after hitting a 2019 high, as worries about the global economy and robust U.S. production put a brake on prices.
West Texas Intermediate (WTI) crude oil futures settled down 9 cents at $58.52 a barrel, having hit their highest so far this year at $58.95.
Brent crude futures settled down 7 cents at $67.16 a barrel, below their 2019 peak of $68.14 reached on Thursday.
U.S. crude ended the week 4.1 percent higher, and Brent was up 1.9 percent.
U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters
U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters:
Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.
Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.
U.S. West Texas Intermediate (WTI) crude oil futures were up 15 cents at $58.76 per barrel at 0745 GMT, their strongest so far in 2019.
Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.
Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.
Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.
U.S. West Texas Intermediate (WTI) crude oil futures were up 15 cents at $58.76 per barrel at 0745 GMT, their strongest so far in 2019.
Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.
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