Oil dips but still set for biggest first-quarter rise since 2011
Disappointing Chinese car sales dampened the market somewhat, but crude prices are looking good for now
London — Brent crude oil eased on Monday, but remained on track for its strongest first quarter in eight years, thanks to a growing belief among investors that Opec’s supply cuts will prevent a build-up in unused fuel. Brent futures were down 17c at $66.08 a barrel by 10.18am GMT, having touched a 2019 high of $66.83, while US futures were up 30c at $55.89 a barrel. Oil has risen nearly 25% so far in 2019 and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Opec and allies to cut output. “Our numbers ... do tell us that we are looking at the tightest H1 crude balance in many years and, as such, a certain degree of price support does simply make sense for the time being,” consultancy JBC Energy said in a note. Refiners around the world are also having to pay more to secure supplies of the medium, or heavy, sour crudes produced by Iran and Venezuela, both of which are under US sanctions. The broader financial markets eased a li...
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