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Oil dips on weak economic outlook, but OPEC-led cuts support

Updated : January 21, 2019 08:00 AM IST

Analysts expect oil prices to be relatively well supported this year by supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia.
In the United States, energy firms cut 21 oil rigs in the week to January 18, taking the total count down to 852, the lowest since May 2018, energy services firm Baker Hughes said in a weekly report on Friday.
However, US crude oil production still rose by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd.
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