Ibrahim al-Muhanna, an adviser to the Saudi energy minister, said on Friday he expected the oil market to be “well balanced” this year.
Oil prices eased on Thursday, although a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran all limited losses.
Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies provided a floor to losses.
A rebound in oil prices poses a risk to India’s benign inflation expectations tha t last week allowed the central bank to deliver its second rate cut of 2019.
Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
Oil prices edged up on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela. Despite strong price increases this year, there are concerns that an economic slowdown could soon dent fuel consumption.
Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela. International Brent crude oil futures were at $71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close.
Oil prices fell on Thursday after US crude stockpiles surged to their highest levels in almost 17 months amid record production. International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 per cent, from their last close.
Oil climbed more than 1 percent with US crude futures hitting a 2019 high on Monday after tight supply and positive signs for the global economy drove both benchmarks’ largest first-quarter gains in nearly a decade.
Oil prices rose to fresh highs for the year on Tuesday, after a U.S. official said Washington is considering more sanctions on Iran and a key Venezuelan export terminal halted operations.