International Brent crude futures were at $66.08 per barrel at 1037 GMT, down $0.23 from Thursday’s settlement. US West Texas Intermediate (WTI) crude oil futures were at $57.24 per barrel, up $0.02. In Venezuela, oil exports have plunged by 40% to around 920,000 bpd since the US government slapped sanctions on its petroleum industry on January 28. On the demand side, a Reuters’ poll showed analysts expect global fuel demand to slow this year amid a broad economic slowdown. Despite this, fuel consumption, especially in Asia’s developing economies which are key drivers of global oil demand, is so far holding up.

Source: The Express Tribune March 01, 2019 13:30 UTC