Oil Wavers as OPEC Pushes Supply Cut Need, Demand Fears Weigh

Oil Wavers as OPEC Pushes Supply Cut Need, Demand Fears Weigh

OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

While it may be just as problematic as the notion of global oversupply that dominated analytical fears until recently, the perception of a tightening market continued to result in gains for crude prices, with USA oil settling a substantial 2.4 percent higher on Wednesday.

"Tighter global inventories from OPEC-led supply cuts and".

The EIA said the pace of demand growth could be slower than what was thought just a month ago.

In 2018, U.S.net petroleum trade volume, which stands for imports minus exports, reached 2.3 million barrels per day, which was its lowest level since 1967, said EIA. "US sanctions on Venezuelan petroleum products have cemented support for oil prices", said Benjamin Lu of Singapore-based brokerage Phillip Futures. WTI plunged more than 3 percent in the previous session.

They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital.

Major League Baseball announces rule changes involving pitcher usage, roster limits, inning breaks
For local broadcasts, the inning break will be cut by 5 seconds, while breaks in national games will be trimmed by 25 seconds. The amount of players on an MLB Active Roster from Opening Day to August 31st and the postseason will increase from 25 to 26.

OPEC April meeting will assess members' compliance with oil output cuts and whether to extend cuts till year end.

After cutting its output by 500,000 bpd in March from the month before, Saudi Arabia reported earlier this week on plans to limit its crude supply to below 7 million bpd.

"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages", it added.

Iraq is committed to the deal and working to stabilise markets, and is producing slightly more than 4.5 million bpd, below its full capacity of almost 5 million, Ghadhban said. Brent touched $67.39 a barrel on Monday, its highest since February 25.

American benchmark West Texas Intermediate was at $58.44 a barrel at the same time, posting almost a 0.2 percent increase, after ending the previous session at $58.34 per barrel.

Brent was up 98 cents, or 1.47 percent, to $67.63 per barrel, while West Texas Intermediate climbed $1.50, or 2.64 percent, to $58.37 per barrel.

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