Oil prices edged up on Tuesday, lifted by supply cuts led by producer club OPEC ...
SINGAPORE - Oil prices edged up on Tuesday, lifted by supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, but signs of a sharp economic slowdown and potentially even a recession kept markets from rising further.
Brent crude oil futures were at $67.33 per barrel at 0416 GMT, up 12 cents, or 0.2 percent, from their last close. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia, who have pledged to withhold around 1.2 million barrels per day of supply this year to prop up markets.
Yet analysts said oil prices would likely be higher by now if it wasn’t for a spreading economic slowdown that some say could turn into a recession soon and dent fuel consumption.
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