Oil up near $68 as supply cuts outweigh economic worry

Oil rose towards $68 a barrel on Tuesday as OPEC supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to an economic slowdown.

The price of global benchmark Brent crude has risen about 25 percent in 2019, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and involuntary losses due to U.S. sanctions on Iran and Venezuela.

“It appears that concerns about demand have taken something of a back seat,” Commerzbank analyst Carsten Fritsch said. “Instead, market participants are focusing on the tight supply situation again.”
more at source: https://www.nasdaq.com/article/oil-up-near-68-as-supply-cuts-outweigh-economic-worry-20190326-00304

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