Oil prices edged up on Friday, with U.S. crude climbing to its highest so far th...
SINGAPORE - Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.
Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand. Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.“Oil continues to grind higher ... in response to ongoing production cuts from the OPEC+ group of producers as well as another slump from a blacked-out Venezuela,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.
OPEC+ ministers will meet at the group’s headquarters in Vienna, Austria, on April 17-18 to decide output policy.
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