Oil drops towards $65 a barrel as Libya’s biggest field restarts GlobeBusiness
. Still, Brent has risen 20 per cent this year due to supply curbs led by the Organization of the Petroleum Exporting Countries.
China’s government said it is targeting economic growth of 6.0 to 6.5 per cent in 2019, less than 6.6 per cent growth reported last year. That raises the prospect of slowing fuel demand in the world’s second-largest consumer. “There are plenty of signs that the global economy is slowing – weak car sales and manufacturing data from China, flat growth in Europe, and a slowing GDP rate in the fourth quarter for the U.S.,” said Matt Stanley, a broker at Starfuels in Dubai.
To prop up the market, OPEC and its allies, an alliance known as OPEC+, have been cutting output by 1.2 million barrels bpd since the start of the year.The actual cut has exceeded the pledged amount because of U.S. sanctions on Iran and Venezuela, plus unrest in Libya that had prompted the closure of El Sharara, giving additional tailwind to prices.
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