18/03/2019 17:02
Oil edges above $67 as OPEC-led supply cuts support
Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.
OPEC and non-OPEC ministers who met in Azerbaijan to monitor their oil supply-cut accord said they planned to exceed their commitments. Saudi Arabia signaled OPEC may need to extend the curbs until the end of the year.
Brent crude, the global benchmark, rose 20 cents to $67.36 a barrel at 1207 GMT. It reached a 2019 high of $68.14 last week. U.S. West Texas Intermediate crude added 5 cents at $58.57.
“The latest encouragement came from the Saudi energy minister,” said Tamas Varga of oil broker PVM, referring to Energy Minister Khalid al-Falih’s comments on possibly extending the OPEC-led output curbs.
Concern about weaker economies and demand limited the rally, as did a recommendation from the OPEC panel in Azerbaijan that their April meeting be canceled, meaning the next meeting of the producer group known as OPEC+ won’t be until June.
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