Oil dips on swelling US supply, but mood generally upbeat on trade hopes
Updated : January 10, 2019 08:00 AM IST
Both oil price benchmarks had jumped by around 5 percent the previous day as financial markets around the world surged on the hopes that Washington and Beijing may be able to soon end their trade disputes.
Saudi Arabia's energy minister said on Wednesday he was confident that supply cuts started in late 2018 by the Organisation of the Petroleum Exporting Countries (OPEC) and some allies, including Russia, aimed at reining in oversupply would bring the oil market into balance.
US bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 percent on Wednesday, pointing to "weakening economic growth expectations" and rising oil supply from outside OPEC as reasons for their lower price forecast.
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