[ad_1]
© Reuters. Brent reaches a record in four months with OPEC cuts and sanctions against Venezuela and Iran
LONDON (Reuters) – Oil futures hit a four-month high on Thursday, but then fell after the announcement of a meeting between US and Chinese presidents aimed at resolving the trade dispute.
The report, published by Bloomberg, cites anonymous sources to limit price increases, supported by OPEC's cuts in US production and by sanctions imposed on Iran and Venezuela, reducing Global supply this year.
Futures contracts for the global benchmark rose to a record high of $ 68.14 per barrel in 2019, before falling back to $ 67.47 by 1035 GMT, down 8 cents (0, 12%) since Wednesday's closing.
The US WTI crude futures price was $ 58.11 per barrel, down 15 cents, or 0.26%.
Bloomberg said US President Donald Trump and his Chinese counterpart Xi Jinping may not meet until April, after the Wall Street Journal announced this month that Shi and Trump could meet around March 27.
No official meeting has been announced from one side to the other.
If the royalty war continues between the two largest economies in the world, it could undermine the growth of fuel demand and weaken prices.
The Organization of the Petroleum Exporting Countries (OPEC) and some outside producers, including Russia, have been slowing down their oil supplies since the beginning of the year in order to reduce the gap between the oil and the oil industry. supply and demand in world markets.
At the same time, the political and economic crisis in Venezuela, exacerbated by US sanctions, has reduced the country's crude exports.
Two sources told Reuters that the United States was also seeking to cut Iranian crude exports from about 20% to less than a million bpd from May, exemptions for the rest of the customers. Tehran being likely to be reduced.
The Energy Information Administration of the United States said that US trading stocks had declined last week due to increased refinery production.
(Prepared by Abdel Moneim Darar for publication in Arabic – under the direction of Moataz Mohamed)
Fusion Media or anyone involved in Fusion Media will not accept any liability for loss or damage arising from the use of information, including data, quotes, charts and buy / sell signals contained in this website. Please be fully aware of the risks and costs associated with financial market transactions. This is one of the most risky forms of investing possible.
[ad_2]
Source link
