Brent oil prices fall on US supply but Opec cuts offer support
Record US output and exports offset some of Opec's cuts with a global economic slowdown weighing on 2019 oil demand outlook
London — Brent crude fell on Friday, weighed down by surging US supply and concerns of a global economic slowdown, but falling oil cartel Opec supplies put a floor under prices. International Brent crude futures were at $66.08 a barrel at 10.37am GMT, down 23c from Thursday’s settlement. US West Texas Intermediate (WTI) crude oil futures were at $57.24 a barrel, up 2c. The US Energy Department said on Thursday that it is offering up to 6-million barrels of crude from national emergency reserves to raise funds to modernise US strategic oil reserves. On Thursday, Canada’s main oil-producing province of Alberta raised the amount of crude that companies can produce in April to 3.66-million barrels per day (bpd), an increase of 100,000 bpd from the limit imposed in January. But these moves were partially offset by reductions elsewhere. In Venezuela, oil exports have plunged by 40% to about 920,000 bpd since the US government slapped sanctions on its petroleum industry on January 28. The ...
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