Oil Prices Slip, But Tightening Supply Outlook Supports

www.oann.com | 2/3/2019 | Staff
SINGAPORE (Reuters) – Crude oil prices slipped on Monday after gains of about 3 percent in the previous session, but they were buoyed by expectations of tightening supply and signs that China-U.S. trade tensions could ease.

U.S. West Texas Intermediate (WTI) futures were at $55.06 per barrel at 0122 GMT, down 20 cents, or 0.36 percent, from their last settlement. WTI settled 2.73-percent higher in the last session at its strongest closing level since Nov. 19.

International - Brent - Crude - Oil - Futures

International Brent crude oil futures on Monday were down 24 cents, at $62.51 a barrel, after closing up 3.14 percent in the previous session at their highest since Nov. 21.

“Crude oil prices (had) surged higher as recent supply side-issues were joined with easing concerns of weaker economic growth,” ANZ Bank said in a research note.

US - Energy - Firms - Week - Number

U.S. energy firms last week cut the number of oil rigs operating to their lowest in eight months as some drillers followed through on plans to spend less on new wells this year.

Elsewhere, pressure on crisis-hit oil producer Venezuela continues to mount as U.S. sanctions bite.

Sanctions - Oil - Transactions - Venezuela - Countries

The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran last...
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