Oil prices dipped on Monday amid concerns that an economic downturn may dent fue...
SINGAPORE - Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.
U.S. West Texas Intermediate futures CLc1 were at $58.32 per barrel, down 20 cents, or 0.3 percent, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week. In Asia, Japan’s exports fell for a third straight month in February in a sign of growing strain from slowing global demand.
The International Energy Agency said on Friday it expected oil markets to be in a modest deficit from the second quarter of 2019.
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