Oil Market Monthly Report

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Oil Market Monthly Report

Capital Investments- Wednesday, February 13, 2019

Oil prices were on an uptrend in the new year after bottoming in December-18 with Brent and OPEC crude grades witnessing strong and consistent gains. However, the momentum soon faded after three weeks of gains and almost flattened with crude hovering above the USD 60/b mark during the first two weeks of February-19. The initial surge came amid a broad-based rally in almost all global markets and a majority of the asset classes globally. Oil prices particularly got support from the US sanctions on Venezuela that is expected to affect 0.5mb/d in crude exports from the OPEC member. The news of sanctions overshadowed rising production in the US and supported oil prices in a market which continues to doubt near term demand. That said, supply continued unabated from the US as it pumps crude at record pace denting the support that came after the OPEC+ countries implemented the cuts this year.

Country : Kuwait Report Type : Daily Report Date : Wednesday, February 13, 2019 Provided by : Capital Investments Report Size : 506 View research

Country :

Kuwait

Report Type :

Daily

Report Date :

Wednesday, February 13, 2019

Provided by :

Capital Investments

Report Size :

506

View research

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