Additionally, a slowing global economy hurt crude as IMF lowered its 2019 growth forecast from 3.7 per cent to 3.5 per cent. Furthermore, the Department of Energy forecast that US oil production will jump from 10.9 million barrels per day in 2018 to 12.9 million bpd in 2020. About half of Venezuela’s roughly 1 million barrels per day in exports go to US refineries. Prices were supported after the estimation of OPEC based supply cuts to bring balance in the markets. This could be a positive development, along with an actual deal that spikes prices to the upside.

Source: Economic Times February 08, 2019 15:00 UTC