Oil prices supported by Opec’s ongoing supply cuts
Goldman Sachs says it expects Opec output to average 31.1-million bpd in 2019, down from 31.9-million bpd
London — Oil prices were firm on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. Prices, however, remained just below 2019 peaks reached earlier this week as US crude oil production hit a record 12-million barrels per day (bpd) and its exports also surged. International Brent crude futures were at $67.18 per barrel at 1019 GMT, 8 cents above their last close, but below $67.38 per barrel reached earlier this week. US West Texas Intermediate (WTI) crude oil futures were at $57.03 per barrel, up seven US cents, but below this week's $57.55 per barrel 2019 high. Traders said prices were lifted by hopes that Washington and Beijing could resolve their trade disputes, which have dented global economic growth, before a March 1 deadline, during negotiations this week. "We'll just have to watch trade talks in DC today. Yesterday, the market was rather dead, volume was low and US data on crude and products was mixed, so th...
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