Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanct...
SINGAPORE - Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
“In our view, OPEC’s strategy is to rebalance the market as quickly as possible and exit the cuts by the end of June in order to grow production alongside shale producers in the second half of this year,” U.S. investment bank Goldman Sachs said in a note on Wednesday. Within the U.S. sanctions against Iran, Washington granted its biggest buyers - mostly in Asia - waivers when the measures were re-introduced in November 2018 that would allow them to buy limited amounts of crude for another 180 days.
“There was a surprisingly large stockbuild, which was bearish,” French bank Societe Generale said in a note following the EIA report.
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