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.
Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.
Omani Energy Minister Mohammed bin Hamad al-Rumhy said he expected global oil prices to stay in a range between $65 and $75 a barrel until the end of the year, the state-run Oman News Agency (ONA) reported.
Diesel on Friday gets slashed by 9 to 10 paise per litre while petrol remains unchanged. In national capital, petrol is retailing at Rs 72.81 while diesel costs 66.30 p/l as against yesterday’s price of Rs 66.39 p/ litre.
Oil prices fell on Thursday, extending losses into a second consecutive session following a surprise rise in U.S. crude inventories. International Brent crude oil futures were down 86 cents, or 1.3 percent, at $66.97 a barrel around 7:40 a.m.
Oil prices firmed on Tuesday, pushed up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets.