Oil markets are tightening at the start of the second quarter amid a flurry of intensifying risk indicators, the IEA said Thursday.
Oil markets are tightening at the start of the second quarter amid a flurry of intensifying risk indicators, the International Energy Agency said Thursday.
However, global oil markets remain firm, amid OPEC-led supply cuts, U.S. sanctions on oil exporters Venezuela and Iran and escalating fighting in Libya. International benchmark Brent crude traded at around $71.28 Thursday morning, down 0.6 percent, while U.S. West Texas Intermediate stood at $64.07, around 0.8 percent lower.
OPEC, along with Russia and other non-member countries, is trying to keep 1.2 million barrels per day off the market through June, following a collapse in crude prices at the end of 2018. "We maintain our forecast of 1.4 million barrels per day, but accept that there are mixed signals about the health of the global economy, and differing views about the likely level of oil prices," the group added.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices fall on surging U.S. crude supply, economic slowdownOil prices fell on Thursday, pressured as U.S. crude stockpiles surged to their ...
Read more »
Oil prices dip on surging U.S. crude stockpilesOil prices fell on Thursday after U.S. crude stockpiles surged to their highest ...
Read more »
Oil prices slip on economic worries, surging U.S. crude supplyOil prices were dragged down on Thursday by surging U.S. crude stockpiles and re...
Read more »
Brent falls below $69 on higher U.S. oil inventories, outputOil prices fell for a second day on Thursday, with Brent briefly edging below $6...
Read more »
Saudi Arabia is reportedly mulling 'nuclear option' of stripping the US dollar from oil tradeFacing U.S. legislation that would hobble OPEC, the Saudis are considering selling oil in currencies other than the dollar, Reuters reports.
Read more »
Saudi Arabia denies that it threatened to strip the US dollar from oil tradingSaudi Arabia denies it threatened to strip dollar from oil trading
Read more »
Saudi Arabia denies it threatened to strip the US dollar from oil tradingSaudi Arabia on denies a report that the kingdom is threatening to sell its oil in currencies other than the U.S. dollar if American lawmakers pass legislation targeting OPEC.
Read more »
Oil prices firm back to near 5-month highs ahead of OPEC, U.S. inventory updatesOil futures prices firm early Wednesday, trending back near the five-month closing highs reached earlier this week, as investors awaited U.S. inventory data and a monthly OPEC report meant to show how much output the cartel and its allies cut in March.
Read more »
U.S. targets Cuba's oil supply from Venezuela in new sanctionsThe United States on Friday targeted oil shipments from Venezuela to Cuba in its...
Read more »
Oil at five-month highs amid OPEC-led supply cuts, U.S. sanctionsOil prices rose to their highest level since Nov. 2018 on Monday, driven up by O...
Read more »