Motilal Oswal
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Motilal Oswal
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Oil pulled two ways by economic slowdown, OPEC-led supply cuts

Updated : March 18, 2019 01:41 PM IST

Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week. US West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week's 2019-high of $58.95.
OPEC's de-facto leader Saudi Arabia said on Sunday that balancing oil markets was far from done as inventories were still high. Russia also said production cuts would stay in place at least until June.
The number of rigs drilling for new oil production in the United States has been falling in 2019, and hit its lowest level since April 2018 last week, at 833 operating rigs.
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