The term contract follows International Olympic Committee signing up to buy crude oil from the usa through a term-tender deal in August past year. Caution over future demand due to slowing global economic growth is weighing on prices, while the markets remain underpinned by the OPEC-led supply cuts and USA sanctions against Venezuela.
For both benchmarks, these were their highest levels since November 20, 2018.
On Monday, Bank of America Merrill Lynch said in a note that considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between $50 and $70 per barrel, "anchored around $60".
WTI Crude traded up 0.80 per cent at $56.43, while Brent Crude eased off earlier gains to trade down 0.02 per cent at $66.24. The Organisation of the Petroleum Exporting Countries (OPEC), as well as some non-affiliated producers like Russian Federation, agreed late a year ago to cut output by 1.2 million barrels per day.
After rallying last week due to optimism over U.S.
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This image shows my people and is for my people, and shouldnt be abused by this Mens in Washington . Ms Moaiery is a war photographer who has covered conflicts in Afghanistan, Iraq, and Lebanon.
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IOC, India's largest refiner, is the first Indian state refiner to buy USA oil under an annual contract, in a deal that will help boost trade between New Delhi and Washington but could also threaten Nigeria's crude exports to India, Daily Trust reports.
Although caution flags are being raised on Tuesday because of demand worries, new data suggests the global oil market remains relatively tight because the OPEC-led production cuts are working to reduce the excess supply, while providing some stability to prices. USA crude was down 26 cents at $55.33.
China's vehicle sales last month fell by 15.8 percent versus the same month in 2018, an industry association said on Monday.
Trade concerns appear to have re-emerged today following the likelihood of 25% tariffs on US imports of European Union cars, as per latest news, all ahead of the start of another round of US-China trade talks in Washington due later today. This continued the 2018 trend, in which China recorded the first annual drop in vehicle sales on record.
At least partly offsetting supply falls has been a surge in United States crude oil production by more than 2 million bpd in 2018, to a record 11.9 million bpd.
That means the USA rig count is higher than a year ago when fewer than 800 rigs were active.