Oil rises on tight supply, but economic slowdown weighs GlobeBusiness
Oil prices rose on Wednesday back towards five-month highs hit the previous day as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, although economic worries increased.
U.S. West Texas Intermediate crude oil futures were at $64.33 per barrel, up 35 cents, or 0.55 per cent, from their last settlement.Oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries and some non-affiliated producers including Russia, a group known as OPEC+.
“The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts,” ING bank said. “Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC,” ING added.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global oil prices hit five-month highs amid OPEC supply cuts, U.S. sanctionsHowever, concerns remain regarding the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon
Read more »
Oil climbs to 5-month high on OPEC cuts, U.S. sanctions and Libya fightingOPEC, allies have been withholding supply since start of 2019; U.S. sanctions against Iran, Venezuela also push up crude
Read more »
Oil hits five-month high above $71 on Libyan supply threatOPEC-led supply cuts tighten oil market; U.S. sanctions against Iran, Venezuela also squeeze supply
Read more »
Brent nears $70 as oil prices rise for fourth dayBrent nears $70 as oil prices rise for fourth day GlobeBusiness
Read more »
Saudi Arabia says May will be key to decide on extending oil supply cutsSaudi Arabia says May will be key to decide on extending oil supply cuts GlobeBusiness
Read more »
U.S. Congress should consider shrinking the government’s emergency oil reserve, Rick Perry saysThe U.S. Energy Secretary said the world had changed since the reserve was created and that Congress should debate the proper size of the SPR
Read more »
Shell enters Chinese shale oil industry, launching joint study with SinopecSinopec said on Monday it had agreed with Shell to study the Dongying trough of Shengli in China’s eastern province of Shandong
Read more »
Brent falls below $69 on higher U.S. oil inventories, outputBrent falls below $69 on higher U.S. oil inventories, output GlobeBusiness
Read more »
Shell Calls On Canada's Oil Lobby To Back Carbon TaxGlobal oil giant Shell calls on Canada's oil lobby to support the carbon tax
Read more »
Electric vehicles, demand for cleaner energy has pushed Big Oil to take small steps toward refocusing businessTheir funding for oil exploration dwarfs any alternatives, but they are buying up power generation and retail utilities to integrate with their long-standing natural gas and emerging renewables ventures
Read more »