Oil prices eased from 2019 peaks on Friday as economic growth concerns weighed o...
SINGAPORE - Oil prices eased from 2019 peaks on Friday as economic growth concerns weighed on sentiment, pausing a three-month rally driven by OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela.
U.S. West Texas Intermediate futures were at $59.84 per barrel, down 14 cents, or 0.2 percent from their last settlement. WTI also hit a 2019 peak at $60.39 the previous day. Oil prices this year have been propped up by supply cuts by the Organization of the Petroleum Exporting Countries and non-affiliated allies such as Russia, often referred to as ‘OPEC+’.
RBC said Russia was only a reluctant partner in the supply cuts, but would “ultimately opt to preserve the arrangement and retain a leadership role of a 21-nation group that accounts for around 45 percent of global oil output”. Venezuelan crude oil production has also dwindled amid U.S. sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to not much more than 1 million bpd currently.
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