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.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more