Oil prices dipped on Monday amid concerns that an economic downturn may dent fue...
SINGAPORE - 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 OPEC and U.S. sanctions against Iran and Venezuela.
U.S. West Texas Intermediate futures CLc1 were at $58.32 per barrel, down 20 cents, or 0.3 percent, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week. Despite this, oil prices have gained around a quarter since the start of the year amid U.S. sanctions against Iran and Venezuela, and as the Organization of the Petroleum Exporting Countries and non-affiliated allies like Russia - known as OPEC+ - have pledged to withhold 1.2 million bpd in supply to prop up prices.
Key for the supply and demand balance will be the United States, where crude production has soared by around 2 million bpd over the past year, thanks largely to an onshore boom in shale formation drilling.
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