Oil maintains its rally, but demand concerns limit gains

Tokyo — Oil prices crept up on Wednesday, extending the previous session’s rise, but gains were kept in check amid growing fears of how a global economic slowdown will affect demand.

“We seem to have reached a state of equilibrium after the recent headline-driven choppy trading and we need to see some new impetus for price direction,” said Jeff Halley, senior market analyst at Oanda in Singapore. Prices have risen by more than 25% so far in 2019, supported by supply curbs initiated by oil cartel Opec and other major producers, along with US sanctions on exports from Venezuela and Iran.

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