International Brent crude oil futures were down $0.3 at $68.30 a barrel by 1102 GMT, having hit their highest since November 13 at $68.69 earlier in the session. “Why are oil prices not rallying through the roof? Oil retreats from 2019 high on soaring productionUS sanctions are disrupting supply. Part of the drawdown in US inventories was due to surging exports, which stood at a four-week average of 3 million bpd, double the amount this time a year ago, the EIA said. US crude oil production returned to its record of 12.1 million bpd last week, making America the world’s biggest producer ahead of Russia and Saudi Arabia.

Source: The Express Tribune March 21, 2019 14:09 UTC