Oil prices rose on Friday as markets tightened amid output cuts by producer club...
SINGAPORE - Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further.
In Venezuela, suffering from a political and economic crisis, oil exports have plunged by 40 percent to around 920,000 barrels per day since the U.S. government slapped sanctions against its petroleum industry on Jan. 28. U.S. crude output has hit a record of more than 12 million bpd, pushing exports to an unprecedented 3.6 million bpd in February.
On the demand side, a Reuters poll showed this week that analysts expect global fuel demand to stutter this year, which would weigh on crude oil prices, amid a broad economic slowdown.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil rises on OPEC-led supply cuts, report of falling U.S. crude inventoriesOil prices rose on Wednesday after a report of declining crude inventories in th...
Read more »
Oil advances as OPEC set to continue supply cuts despite U.S. pressure to easeOil prices rose on Wednesday after a report of declining U.S. crude inventories ...
Read more »
Oil Has Best Start to a Year Ever as OPEC Production FallsOil prices are off to their best-ever start to a year as fears of a supply glut cool, part of a 2019 recovery in risky investments from stocks to commodities.
Read more »
OPEC rescued oil from 'total collapse,' Barkindo says, but the US prevented 'major chaos'Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC.
Read more »
Oil climbs amid OPEC-led supply cuts, but economic weakness dragsOil prices climbed on Friday as markets tightened amid output cuts by producer c...
Read more »
Oil futures reverse sharply lower as Trump tells OPEC to ‘relax’ on pricesCrude-oil futures turned sharply lower Monday morning, an about-face that energy analysts pinned on a call from President Trump to OPEC to further prevent rising prices.
Read more »
Saudi energy minister responds to Trump's tweet that said OPEC should 'relax'Saudi Energy Minister Khalid al-Falih told CNBC Wednesday that OPEC is taking a measured approach to supply cuts, directly responding to comments from President Donald Trump earlier in the week.
Read more »
Saudis Likely to Push to Maintain OPEC Output Cuts Despite U.S. PressureSaudi Arabia and others in OPEC are likely to back a continuation of oil-production curbs when the group meets in April, according to officials in the cartel, in defiance of U.S. pressure to keep crude prices low.
Read more »