The London Stock Exchange uses cookies to improve its website. The cookies for analytical purposes have already been set. For more details and how to manage cookies, please see our privacy and cookies policy.

Alliance News Detail


Oil Futures Settle Modestly Lower

[ 11 Feb 2019 20:23 ]

WASHINGTON (Alliance News) - Crude oil prices recovered from early weakness on Monday, but still settled on a negative note, as weak global growth outlook continued to raise concerns about energy demand.

OPEC-led output cuts and US sanctions on Venezuela's oil industry helped limit oil's losses. Short-covering ahead of futures expiry also contributed to oil's recovery from the day's lows. Oil futures had tumbled by about 4.6% last week.

West Texas Intermediate Crude oil futures for March ended down USD0.31, or 0.6%, at USD52.41 a barrel, well off the day's low of USD51.23.

Brent crude futures declined by about 1% to 61.46 a barrel.

On Friday, oil futures ended up USD0.08, or 0.2%, at USD52.72 a barrel.

Recent weak economic data from Eurozone and the European Commission's lower growth forecast for the euro area for 2019 and 2020 suggest a possible drop in energy demand, atleast in the short term.

Traders were also digesting data showing higher crude production in the US and the latest report from Baker Hughes that said oil rigs count in the US increased by 7 to 854 last week.

Meanwhile, on the trade front, a fresh round of talks began between the junior level officials from the US and China in Beijing today.

Later in the week, US Treasury Secretary Steven Mnuchin few other key officials are scheduled to travel to Beijing to continue trade negotiations.

Last week, US President Trump had ruled out meeting the Chinese President Xi Jinping anytime before the expiry of March 1 deadline.

Copyright RTT News/dpa-AFX


Oil Futures Settle Modestly Lower - Alliance News

The Exchange accepts no responsibility for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.

You are accessing the London Stock Exchange Annual Report Service powered by PrecisionIR.

The Exchange accepts no responsibility for the content of the reports you are now accessing or for any reliance placed by you or any person on the information contained therein.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds