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Oil Price Hits $67.14 Amid OPEC Cuts

Oil Price Hits $67.14 Amid OPEC Cuts

Oil prices at the weekend hovered close to 2019 highs at $67.14, boosted by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but was prevented from rising further by slowing growth in the global economy.

Nigeria on Wednesday pledged its cooperation to reduce oil output in order to attract higher prices in the global market.

The US West Texas Intermediate (WTI) crude oil futures were at 57.33 dollars per barrel, 17 cents, or 0.3 per cent, above their last settlement, but below their 2019 high of 57.55 dollars reached the previous day.

International Brent crude futures were at 67.14 dollars per barrel, 6 cents above their last close and not far off their 2019 peak, hit the day before, of 67.38 dollars per barrel.

Analysts said a global economic slowdown was preventing prices from surging beyond the 2019 highs seen this week.

“Slowing economic growth will invariably lead to weakness in fuel consumption thus eroding bullish gains for oil prices,” said Benjamin Lu of brokerage Phillip Futures in Singapore.

Despite the slowdown in economic growth that emerged in late 2018, oil prices have been driven up this year by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC).

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