Growth in oil demand is presumed to remain robust over the next two years as strong compliance with production cuts is expected. Global GDP growth is predicted to rise to 3.9 percent this year, and in 2019. WTI crude is $67.40; Brent is $73.94 this morning.
Speculation is rampant over possible breakup of the nuclear accord with Iran signed in 2015. Oil steadies as investors watch global inventory levels amid signals that OPEC production cuts could deepen as American output soars plus North and South Korean leaders agree to end seventy years of hostile relations. WTI Crude is $68.04; Brent is $74.57 this morning.
U.S. oil production continues to set records, while geopolitical events in the Middle East impacting output in the region could push price levels even higher, say analysts. WTI crude is $68.44; Brent is $74.53 this morning.
Analysts predicted a draw down of domestic crude oil inventories by 2.648 million barrels this week, while the API - American Petroleum Institute reported a build of 1.099 million barrels for the week ending April 20. WTI crude is $67.82; Brent is $73.84 this morning.
Reports yesterday that a Saudi-led air strike killed the leader of Houthi rebels in Yemen raised the potential for disruptions to crude supply in the Middle East, and fueled concerns that the U.S. will reimpose sanctions. WTI crude is $68.92; Brent is $74.85 this morning.
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