Economy

Crude Oil Price Outlook: Rising on Positive Fundamentals & Technicals

Crude Oil Price Outlook: Rising on Positive Fundamentals & Technicals

Brent crude, the global benchmark, slipped 49 cents to $61.49 a barrel as of 1053 GMT.

Washington said last week that after April 28 foreign companies will not be able to conduct business with PDVSA using the us financial system, effectively banning them from paying in USA dollars.

Oil edged lower on Wednesday after a report showed a rise in US crude inventories, countering expectations of a tightening market in 2019 due to OPEC-led supply cuts and USA sanctions on Venezuela. Buyers were also encouraged to shed long positions on renewed concerns over lower demand due to the slowdown in China's economy amid uncertainty over U.S.

Crude oil prices hit a 2019 high on Monday.

Markets Underpinned by Sanctions and Production Cuts...

...

However, while OPEC is cutting output, the United States has expanded supply, with production most recently totaling 11.9 million bpd. OPEC has delivered nearly three-quarters of its pledged cutback already, a Reuters survey showed.

Citgo, the eighth-largest US refiner and Venezuela's top foreign asset, is in the middle of a tug of war as the Trump administration has made aggressive moves to remove it from Maduro's control.

The impact of OPEC+'s supply curbs has been boosted by US sanctions on Venezuelan state-owned oil firm PDVSA.

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Two weeks ago China announced that its official economic growth came in at 6.6 percent in 2018, the slowest pace since 1990. The lender now predicts growth of 3.5 percent this year, the weakest in three years and down from 3.7 percent expected in October.

Senior U.S. and Chinese officials are poised to start another round of trade talks next week.

"The key supply story remains the ongoing OPEC production cuts", USA bank Goldman Sachs said on Wednesday.

Crude futures earlier posted around two-month highs. Therefore, I have to conclude that speculation over the positive outcome of U.S.

The European Union is considering imposing more sanctions on the government of Venezuelan President Nicolas Maduro but has not discussed an oil embargo, Malta's foreign minister said on Monday.

With China on Lunar New Year holiday until next week, which reduces the chances of a trade deal this week, and the market likely to continue to absorb the lost supply from the sanctions, prices could remain under pressure all week.

Venezuela's opposition is opening a US fund to receive the proceeds of oil sales, a key measure to secure revenue for its effort to dislodge President Nicolas Maduro, an opposition lawmaker said on Wednesday.


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