Essam Al-Sudani | Reuters
The flames emerge from a pipeline in the oilfields of Basra, southeast of Baghdad, Iraq, on October 14, 2016.
Oil prices rose slightly on Tuesday, under the effect of supply cuts prompted by the sanctions of the OPEC and US producer clubs against Iran and the United States. Venezuela, but signs of a strong economic slowdown and even potentially a recession have prevented markets from continuing to widen.
Brent crude futures were at $ 67.33 per barrel at 4:16 am GMT, up 12 cents (0.2%) from their last close.
West Texas Intermediate (WTI) futures in the United States stood at $ 59.26 per barrel, up 44 cents or 0.8% from their latest settlement.
Oil prices have been sustained for much of 2019 thanks to the efforts of the Organization of Petroleum Exporting Countries (OPEC) and unaffiliated allies such as Russia, which have committed to retain about 1.2 million barrels per day (bpd) of supply to support the markets.
Prices were also pushed up by US sanctions on OPEC oil exporters and Iran and Venezuela.
However, analysts said oil prices would likely be higher without a widespread economic slowdown that some say could quickly turn into a recession and reduce fuel consumption.
"The risk of a recession has increased the most since 2008," said Ole Hansen, head of product strategy at Saxo Bank.
Manufacturing data from Asia, Europe and North America show a strong economic slowdown.
"Growth in global industrial output has slowed to 1% in the last quarter, and the indicators point to a dropping out this quarter," said JPMorgan Chase Bank.
"Outside of China, the Asian industry was already contracting at the dawn of the New Year," added the US bank.