Oil rises on supply cuts, but weak economy holds market back

Mae Love
June 11, 2019

On June 10, Russian Deputy Energy minister said to Reuters that the cooperation between Russia and OPEC will continue despite any hindrances.

While the cessation of trade hostilities between Mexico and the USA gave oil a small bid, the ongoing clash between the United States and China will begin to ramp up in the next couple of weeks when additional tariffs will be introduced by the US.

U.S. West Texas Intermediate (WTI) crude futures were at $53.75 per barrel, 49 cents, or 0.9%, above their last settlement.

President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair oil price, but that they would decide at the meeting.

Al-Falih noted that he will have a chance to see Novak before the meeting in Vienna on July 3-4, as they both may be in Japan for the G20 meetings, in which case they will have an opportunity to further calibrate their positions.

US crude output C-OUT-T-EIA has risen by 1.6 million barrels per day (bpd) over the past year, to a record of 12.4 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

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Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs.

China's foreign ministry said that China is open for more trade talks with Washington but has nothing to announce about a possible meeting.

China's crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by US sanctions and refinery maintenance.

This, coupled with large USA oil inventories has pushed the oil picture from one of risks and rising prices to faltering demand and falling prices.

"Over the past week or so, our economists have revised down their GDP growth outlook for the US, China, India and Brazil", Barclays bank said on Monday in a note about the economy and its impact on oil demand.

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