Futures in New York tumbled 1.7 percent Thursday. While Goldman Sachs Group Inc. forecasted strong global consumption growth, crude production and stockpiles in the U.S. climbed higher in the latest inventory report. A strengthening dollar also pushed crude lower. The Organization of Petroleum Exporting Countries and its partners including Russia continue to trim output as promised. OPEC shipments will fall by 230,000 barrels a day in the four weeks to March 24, according to tanker-tracker Oil Movements. Saudi Minister of Energy and Industry Khalid Al-Falih said in a Bloomberg Television interview that the deal will evolve in 2019 and the group will do what it needs to in order to preserve oil market stability. Click Read More below for additional information.
Oil fell on Tuesday, foldingunder the weight of a broad stock market sell-off that undercutsupport to prices earlier in the day from expectations that OPECwill introduce new output curbs
Oil prices are around a quarter below their recent peaks inearly October, weighed down by surging supply, especially fromthe United States, as well as a slowdown in global trade.
U.S. crude oil production has soared by almost 25 percent this year, to a record 11.7 million barrels per day(bpd).
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