US oil retreats from 2019 high | 2019-03-18 |

US oil retreats from 2019 high

17th March, 2019 09:37:15 printer

NEW YORK: US crude futures eased slightly after hitting a 2019 high, as worries about the global economy and robust US production put a brake on prices.

West Texas Intermediate (WTI) crude oil futures settled down 9 cents at $58.52 a barrel, having hit their highest so far this year at $58.95, report agencies.

Brent crude futures settled down 7 cents at $67.16 a barrel, below their 2019 peak of $68.14 reached on Thursday.

US crude ended the week 4.1 per cent higher, and Brent was up 1.9 per cent. “The market is taking a pause as it tries to digest mixed reports that give us different ideas of future supply and demand,” said Phil Flynn, an analyst at Price Futures group in Chicago. “The Opec-plus meeting could give us a little direction,” he said.

The Organization of the Petroleum Exporting Countries and its allies including Russia, an alliance known as Opec+, agreed last year to cut production, partly in response to increased US shale output.