Oil prices fell on Tuesday as markets eyed only modest prospects for growth in f...
SINGAPORE - Oil prices fell on Tuesday as markets eyed only modest prospects for growth in fuel demand, although OPEC-led efforts to cut output still offered some support.
U.S. West Texas Intermediate crude oil futures were at $56.30 per barrel at 0210 GMT, down 29 cents, or 0.5 percent, from their last settlement.“Near term ... it is hard to get very bullish on oil prices. The market is still working off the surpluses built in H2 2018, keeping OECD commercial inventories stuck above the five-year average,” said energy analysts at economic research firm TS Lombard.
To prop up the market, the Organization of the Petroleum Exporting Countries has led efforts since the start of the year to withhold around 1.2 million barrels per day of supply. The OPEC-led supply cuts, as well as U.S. sanctions against its members Iran and Venezuela, come at the same time as U.S. crude output chases ever new records, rising by more than 2 million barrels per day since early 2018 and above 12 million bpd for the first time in February.
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