Oil prices extended losses on Wednesday after falling by as much as 3 percent in the previous session amid concerns that rebalancing the global oil market will take longer than originally envisaged. Prices had been supported earlier in the session by data from the American Petroleum Institute (API) which showed a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8-million-barrel rise expected by analysts. The U.S. government will issue official inventory data later on Wednesday. [EIA/S] Brent crude futures were trading down 33 cents at $46.77 per barrel at 1244 GMT. U.S. West Texas Intermediate futures were down 26 cents at $44.64 a barrel.
Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies.
On the demand side, most of the world’s growth in fuel consumption is coming from Asia, where China’s economic growth is expected to slow to its lowest in nearly 30 years at 6.2 percent this year, a Reuters poll showed on Friday.
more detail at source: https://www.cnbc.com/2019/04/12/oil-markets-opec-supply-cuts-us-sanctions-in-focus.html?dlbk