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London –
Crude oil futures remained virtually flat during European negotiations on Friday as Brent failed to break through the $ 67.50 / b level.
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Brent crude futures were down 23 cents / b from Thursday at $ 67.00 / b, while NYMEX's light crude oil contract for the month of April increased by 4 cents. b to reach $ 58.65 / b.
Market sources said the trading activity was rather mild early in the day as market participants wait for the results of the next OPEC meeting next week.
The group's joint ministerial follow-up committee, which monitors compliance with production cuts, is due to meet in Baku on 18-19 March.
"There has not been a lot of price movement today as prices have already risen sharply this week, reaching their highest level in four months," said Eugen Weinberg, head of research. commodities at Commerzbank. "The market is rather favorable, so prices should not fall sharply, but continue to move rather laterally for the rest of the day."
"The cuts in OPEC supplies have played an important role in rebalancing the market and fixing prices at these levels, and the market is now less balanced," said Weinberg.
In its monthly report on the oil market, OPEC revised down its forecast for 2019 of global oil demand to less than 100 million b / d for the first time since it had begun to predict the fundamentals for 2019 in July.
"The oil demand of OPEC Plus has been forecasted downward, which creates a dilemma for them." At the moment, there is no other choice than to say "no more". Expanding production cuts, we will certainly discuss this in Baku next week, "said Weinberg.
– Kristi Rotlaender, [email protected]
– Edited by James Leech, [email protected]
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