International Brent crude oil futures were at $67.28 a barrel, up 16 cents, or 0.24 percent, from their last close, while U.S. West Texas Intermediate crude futures were at $57.39 per barrel, up 13 cents, or 0.23 percent, from their last price.
“Supply risk is ever present with Venezuelan tensions brewing a notch higher, the National Oil Corporation in Libya refusing to start production at the El Sharara field,” he added, while also citing uncertainty over elections in top African oil exporter, Nigeria. U.S.
Goldman Sachs analysts said that “the near-term outlook for oil is modestly bullish over the next two to three months”, but added that the outlook for later in 2019 was weaker due to a surge in U.S. exports and an “an increasingly uncertain economic, policy and geopolitical backdrop”. “But I still think Saudi Arabia has the incentive to see higher oil prices, and deliver the cuts agreed in December, when OPEC and its partners agreed to remove 1.2 million barrels a day’’, he added.The risk to OPEC comes in the form of the so-called ‘No Oil Producing and Exporting Cartels Act’, or NOPEC, an act resurrected by US lawmakers that proposes making the organization subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller.
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