High production of US oil in 2019.

Concerns over the global economy and strong US output put a downturn on prices, US gross prospects had a big shock Friday, but later withdrew due to these concerns.

In West Texas, crude oil revenues were down 3 cents to 58.58 dollars a barrel at 1100 GMT, reaching the most so far this year at $ 58.95. Brent’s raw earnings were $ 66.92 per barrel, down 31 cents from their last residence and more than $ 1 from their 2019 peak of $ 68.14 arrived on Thursday.

“The market is still torn between economic worries and high US oil production on the one hand and OPEC +’s remarkable compliance on the other hand. The latter has been helped by many unplanned cuts in production, “said PVM oil broker Stephen Brennock.

The Organization of Petroleum Exporting Countries and its allies including Russia, an alliance known as OPEC +, agreed last year to cut production, partly in response to increased US shipment production.Minister of O PEC + will meet on April 17-18 to set production policy.

Jefferies said that if OPEC decides to extend (cutbacks) … we expect the inventories will continue to attract at least Q3, “and the US investment bank on Friday.

The International Energy Agency said on Friday that the market may show a surplus modest in the first quarter of 2019, before turning into a deficit in the second quarter by about 0.5 million barrels a day (bpd).

He said a comfortable supply pad from OPEC could prevent any price rally in the eventual disruption event and that the growth of non-OPEC oil production, led by the United States, must ensure the fulfillment of demand. Oil demand has been well up until now.

The use of crude oil in China, the largest importer in the world, in the first two months of 2019 increased 6.1 percent from a year ago to a record 12.68 million bpd, official figures showed this week.

Goldman Sachs said growth of the global crude demand in January was “nearly 2.0 million barrels a day, with apparent strength in both emerging markets and developed economies.

” Oil crunch from further growth have been worries that a slowdown in economic activity large parts of Asia and Europe will decrease in fuel demand growth./investing.com

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