Oil slips further from 2019 highs on trade worries

22/03/2019 17:30

Oil slips further from 2019 highs on trade worries


Oil fell further from 2019 highs on Friday as focus shifted to a lack of progress in U.S.-China trade talks, but prices found support from supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela.

Brent crude futures were at $67.11 per barrel at 1204 GMT, 75 cents below their last close and broadly flat on the week. The contract hit a four-month high of $68.69 on Thursday.

Benchmark Brent has risen by just under a third since the beginning of January, when OPEC started to cut production.

U.S. West Texas Intermediate (WTI) futures were at $59.40 per barrel, down 58 cents. WTI marked a 2019 peak in the previous session at $60.39 and is set for a third consecutive week of gains.


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