West Texas Intermediate for April delivery was at $48.13 a barrel on the New York Mercantile Exchange, down 27 cents, at 12 p.m. in London. Total volume traded was about 18 percent below the 100-day average. The contract fell 9 cents to $48.40 on Monday, the lowest close since Nov. 29. Brent for May settlement was 23 cents lower at $51.12 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a premium of $2.47 to May WTI. At 10.011 million barrels a day, Saudi output is still below the ceiling of 10.058 million a day imposed by the agreement, according to the OPEC report. Production data that the group derives from external sources, such as news agencies, showed Saudi output falling by 68,100 barrels a day to 9.797 million a day. The group as a whole got closer to full implementation of the cutbacks, with output falling in February by 139,500 barrels a day to 31.958 million a day. click Read More below for more of the story
National Average Price for Regular Unleaded Current: $2.174; Month Ago: $2.459; Year Ago: $2.581. National Average Price for Diesel Current: $2.697; Month Ago: $2.879; Year Ago: $3.017.
India is replacing China as the center of the world’s oil demand growth as it’s economy expands faster than any other major country and a growing middle class has more money to spend. India’s oil demand grew by 300,000 barrels a day last year, double the average rate in the previous decade, according to a report by The Oxford Institute for Energy Studies this month. China’s growth has slowed to 300,000 barrels from an average 500,000 barrels in the decade to 2013 as the government moves the economy away from heavy industry, according to the report.
Oil prices rose on Wednesday, buoyed by an official forecast showing slower-than-expected U.S. production, and as U.S. sanctions stall exports from Venezuela. The U.S. Energy Information Administration (EIA) said on Tuesday that U.S. crude production was expected to grow more slowly in 2019 than it had previously expected, averaging about 12.30 million barrels per day (bpd). The EIA revised down its projected 2020 production figure from 13.20 million bpd to 13.03 million bpd. Click Read More below for additional detail.