Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group, the Organisation of Petroleum Exporting Countries , and U.S. sanctions against Iran and Venezuela.
U.S. manufacturing output fell for a second straight month in February, in a sign that the world’s biggest economy has been slowing down in the first quarter. OPEC’s de-facto leader, Saudi Arabia, said on Sunday that balancing oil markets was far from done as inventories were still high.As a result, Bernstein forecast an inventory draw of 37 million barrels in the first quarter for the 36 member countries of the Organisation for Economic Co-operation and Development , which comprises most industrialised nations.
Source: Financial Digest (financialdigest.net)
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