WTI marked a 2019 peak in the previous session at $60.39 and is set for a third consecutive week of gains. Oil slips but holds near 2019 peak as supplies tighten“Oil prices have come under pressure in today’s (Friday’s) trading session because of profit-taking and uncertainty surrounding the US-China trade talks,” said Abhishek Kumar, Head of Analytics at Interfax Energy in London. Three in four Japanese companies expect US-China trade frictions to last until at least late this year, a Reuters’ poll found. Oil prices rise to 2019 highs on OPEC cuts, US sanctionsThis has resulted in higher exports, which have doubled over the past year to more than 3 million bpd. Still, oil prices this year have been propped up by supply cuts by OPEC and allies such as Russia.

Source: The Express Tribune March 22, 2019 14:26 UTC