Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming...
SINGAPORE - Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support.
U.S. West Texas Intermediate crude oil futures were at $56.28 per barrel at 0426 GMT, down 31 cents, or 0.6 percent, from their last settlement.“Near term ... it is hard to get very bullish on oil prices. The market is still working off the surpluses built in H2 2018, keeping OECD commercial inventories stuck above the five-year average,” said energy analysts at economic research firm TS Lombard.China said on Tuesday it was targeting economic growth of 6.0 to 6.
To prop up the market, the Organization of the Petroleum Exporting Countries has led efforts since the start of the year to withhold around 1.2 million barrels per day of supply. The OPEC-led supply cuts, as well as U.S. sanctions against its members Iran and Venezuela, come at the same time as U.S. crude output chases ever new records, rising by more than 2 million barrels per day since early 2018 and above 12 million bpd for the first time in February.
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