Brent pushes closer to $70 amid tightening global supply
‘There is a clear bias to the upside with the supply restrictions,’ says CMC Markets’ Michael McCarthy
Tokyo — Oil prices were mixed on Thursday, with Brent edging higher towards the psychological $70 level after easing in the previous session on data showing a surprise build in US inventories. Brent futures were up 5c at $69.36 a barrel by 2.24am GMT. On Wednesday, Brent dipped 6c, after touching $69.96, the highest since November 12, when it last traded above $70. US West Texas Intermediate (WTI) crude fell 3c to $62.43 a barrel. It dropped 12c in the previous session after briefly hitting $62.99, also the highest since November. Global benchmark Brent has risen nearly 30% so far in 2019, while WTI has gained nearly 40c, with prices underpinned by tightening global supply and signs of demand picking up. “There is a clear bias to the upside with the supply restrictions,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by oil cartel Opec and others along with sanctions on Iran. “And there’s a much better than expected demand picture af...
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