Monday Mar 17, 2025
Wednesday, 14 August 2019 00:00 - - {{hitsCtrl.values.hits}}
SINGAPORE (Reuters): Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook.
International benchmark Brent crude futures LCOc1 were down 11 cents or 0.2%, from the previous settlement, to $ 58.46 a barrel by 0108 GMT.
US West Texas Intermediate (WTI) CLc1 futures were $ 54.81 per barrel, down 12 cents, or 0.2%, from the last close. Saudi Arabia, the de-facto Organization of the Petroleum Exporting Countries (OPEC) leader, opened its books as part of plans to launch what could be the world’s largest initial public offering.
The financials released by Saudi Aramco showed “capital spending had been curbed by 12%, maybe suggesting that supply growth is likely to remain tight,” said ANZ bank in a note on Tuesday. “This is likely to take some focus away from the weakening outlook for demand.” Kuwait on Monday reiterated its commitment to OPEC+ supply curbs after Oil Minister Khaled al-Fadhel said Kuwait had cut its own output by more than required by the accord.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since Jan. 1. But booming US shale oil production continues to chip away at the groups efforts to limit the global supply overhang.
US oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the US Energy Information Administration forecast in a report.
Gloomy forecasts for the global economy and oil demand growth have weighed on oil prices as the trade dispute between the United States and China escalates.
Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.
Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.