Oil Price And The Global Economy In 2019

Oil Price And The Global Economy In 2019

As of 13:57 Moscow time, Brent jumped 2.77% to $58.64 a barrel on London's Intercontinental Exchange. In fact, the continuous low price of oil is depicting a weaker economy of the world and the surging USA production.

Global equity markets are entering the New Year in the doldrums and are spooking traders and investors alike, closely mirroring the decline in manufacturing growth in both the US and China amid ongoing trade tensions.

U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.26, or 2.6 per cent, at $49.78 a barrel. "Momentum is coming back into the market from very depressed price levels", Petromatrix strategist Olivier Jakob said, according to Reuters. "The Fed's easier stance and Opec's commitment to cut production as well as expectations that inventories should drop are lending a hand to this positive investor sentiment". The rally's been fueled by brightening economic outlooks as well as growing confidence that the Organization of Petroleum Exporting Countries, Russia and other allies will restrain production enough to avoid an oversupply.

Oil extended its longest run of daily gains in 17 months on renewed efforts between the US and China to reach a trade deal, and expectations the market will be tightened by OPEC's output cuts.

The API was also said to report that USA crude inventories fell by 6.13 MMbbl last week. United States crude inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell by 565,000 barrels from last Tuesday to Friday, traders said, citing data from market intelligence firm Genscape. To date, a 10 percent tariff is in still place on $200 billion worth of Chinese goods entering the USA, while that figure could increase to 25 percent with another $267 billion worth of additional Chinese goods levied if the two sides can't read a trade deal by their self-imposed March 2 deadline.

Drone sighting halts departures at Heathrow Airport in London
Heathrow and Gatwick responded by ordering military-grade anti-drone defences worth "several million pounds". The Metropolitan Police said they received reports of a drone sighting near Heathrow at about 17:05 GMT.

Crude oil prices are up sharply Monday morning, extending gains to a sixth successive session, amid easing worries about global growth and energy demand after reports indicated a possible meeting of U.S. President Donald Trump and China's vice president Wang Qishan later this month.

Meanwhile, American crude stockpiles probably declined by 1.75 million barrels last week, according to a median estimate in a Bloomberg survey of analysts ahead of government data on Wednesday.

Goldman Sachs said in a note it had downgraded its average Brent crude oil forecast for 2019 to $62.50 a barrel from $70 due to "the strongest macro headwinds since 2015".

Brent crude has risen by around $4 since the cuts came into force on 1 January.

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