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.
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