Oil prices stable as impact of supply cuts dented by fuel demand growth fears vanguardngr.com vanguardnews
Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.Brent crude oil futures were at 67.21 dollars per barrel at 0559 GMT, virtually unchanged from their last close, and within a dollar of the 68.14 dollars 2019-high reached the previous day.
The Organisation of the Petroleum Exporting Countries and non-affiliated allies like Russia – known as the OPEC+ alliance – have been withholding around 1.2 million barrels per day in crude supply from the start of the year to tighten markets and prop up prices. “If OPEC+ decide to extend …we expect that inventories will continue to draw through at least Q3,” U.S. investment bank Jefferies said on Friday.
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