The threat of an all-out trade war has dampened the outlook for the global economy, but the recent drop in oil prices should support demand, the International Energy Agency said on December 13.
Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
Oil in London extended its gains near $62 a barrel after OPEC and its allies agreed on production cuts and protesters forced the shutdown of Libya’s biggest crude field.
Just when it looked like oil prices cooling off had offered some respite to India’s macros, Organisation of the Petroleum Exporting Countries (Opec) decision to cut back production by 1.2 million barrels per day is threatening to heat things up again.
OPEC and its allies continued to haggle over the size of potential crude-production cuts in Vienna on Wednesday as U.S. President Donald Trump urged the group to keep the taps open and prices down.
Oil prices fell 1 percent on Wednesday, weighed down by swelling U.S. inventories and a plunge in global stock markets amid concerns over an economic slowdown. U.S. West Texas Intermediate (WTI) crude futures were at $52.61
With speculations that crude oil prices may go up again after Qatar deciding to pull out of the oil cartel Opec and an expected supply cut this week, Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director M K
Oil prices soared on Monday after Russia and Saudi Arabia renewed a pact to cap output, while the US agreed to halt raising tariffs on Chinese imports, stalling a trade row that many feared could hit demand for the commodity.
Oil prices dropped below $50 a barrel in New York for the first time in more than a year as traders fretted that the Organization of the Petroleum Exporting Countries
Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output.