Oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing ...
SINGAPORE - Oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC.
U.S. West Texas Intermediate futures were at $59.08 per barrel at 0152 GMT, virtually unchanged from their last settlement and close to the 2019 high of $59.23 reached the previous day. OPEC and a group of non-affiliated producers including Russia, known as OPEC+, started withholding supply to halt a sharp price drop in the second half of 2018, when markets came under pressure from surging output as well as an economic slowdown.
“The ball is now on the U.S. production side with the weekly crude inventories an upcoming indicator to be taken into consideration when it’s released on Wednesday,” he added.
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