Oil inches higher on Opec-led cuts, but worry about global slowdown persists
Analysts say spreading economic slowdown could turn into a recession and reduce fuel consumption
Singapore — Oil prices edged up on Tuesday, lifted by supply cuts led by producer club Opec and US sanctions against Iran and Venezuela, but signs of a sharp economic slowdown and potentially even a recession kept markets from rising further. Brent crude oil futures were at $67.33 per barrel at 4.16 GMT, up 12c, or 0.2%, from their last close. US West Texas Intermediate (WTI) futures were at $59.26 per barrel, up 44c, or 0.8%, from their last settlement. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (Opec) and non-affiliated allies like Russia, who have pledged to withhold around 1.2-million barrels per day (bpd) of supply in 2019 to prop up markets. Prices have also been driven up by US sanctions on oil exporters and Opec-members Iran and Venezuela. Yet analysts said oil prices would likely be higher by now if it was not for a spreading economic slowdown that some say could turn into a recession soon and dent fue...
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