Oil prices climbed on Friday as markets tightened amid output cuts by producer c...
SINGAPORE - Oil prices climbed on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further gains.
U.S. West Texas Intermediate crude oil futures were at $57.66 per barrel, up 44 cents, or 0.77 percent.In Venezuela, oil exports have plunged by 40 percent to around 920,000 barrels per day since the U.S. government slapped sanctions against its petroleum industry on Jan. 28. On the demand side, a Reuters poll showed analysts expect global fuel demand to slow this year amid a broad economic slowdown.
The weakness is being felt across the region. South Korea’s exports contracted at their steepest pace in nearly three years in February as demand from its major market China cooled further in yet another sign of faltering momentum in Asia’s fourth-largest economy.
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