Concerns that an economic slowdown might soon impact fuel consumption are preventing crude prices from rising further, analysts said.
Brent crude oil futures were at 67.90 dollars per barrel at 0617 GMT, 4 cents above their last close. Brent hit a four-month high of 68.69 dollars per barrel the day before.
Economic growth has slowed across Asia, Europe and North America, potentially denting fuel consumption. “We believe that OPEC is likely to extend the deal for the duration of 2019 when they next assemble in Vienna in June,” RBC said. Iranian crude oil shipments have averaged just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April.
Venezuelan oil production has also dwindled amid U.S. sanctions and an internal political and economic crisis, plunging from a high of more than 3 million bpd at the start of the century to just 1 million bpd.
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