Sanctions against Iran and Venezuela are also boosting prices, but traders warn that rising US output may cap gains
Boats float in front of the Vopak oil storage terminal in Johor, Malaysia. Picture: REUTERS/HENNING GLOYSTEIN
US West Texas Intermediate futures were at $59.10 per barrel at 0314 GMT, virtually unchanged from their last settlement and close to the 2019 high of $59.23 reached the previous day. Opec and a group of nonaffiliated producers including Russia, known as Opec-plus, started withholding supply to halt a sharp price drop in the second half of 2018, when markets came under pressure from surging output as well as an economic slowdown.
Because of the tighter supply outlook for the coming months, the Brent forward curve has gone into backwardation since the start of the year, meaning that prices for immediate delivery are more expensive than those for dispatch further in the future, with May Brent prices currently around $1.20 per barrel more expensive than December delivery Brent.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Case for Fed to hike rates in 2019 on modest consumer price increaseExcluding the volatile food and energy components, the CPI edged up 0.1% — the smallest increase since August 2018
Read more »
A TRIBUTE: Sonny Venkatrathnam (1935-2019): Robben Islander and Rebel Without a PauseSonny would not lick the brogues of power and pomp. He poured scorn on how people were using the state as a weapon of personal graft and Shakespearean plots for power.
Read more »
Taxi associations to make public apology, renounce violenceRival Soweto taxi associations, WATA and NANDUWE are expected to make a public apology and renounce violence on Monday.
Read more »
Elections 2019: IEC has plan to protect Capetonians amid gang violence
Read more »
Anti-Racism Week 2019 kicks offAnti-Racism Week this year will see the official launch of the Zimele Racism Reporting App (Zirra).
Read more »
Anti-Racism week 2019 kicks off | IOL NewsThe Anti-Racism Network SA will be kicking off Anti-Racism Week 2019 with programmes which will be taking place nationally from 14 March onwards.
Read more »
Naspers aims to spend $1bn in India in 2019, source saysNaspers is the largest shareholder in Tencent and has about $9bn in cash after trimming its stake in 2018 and selling Indian's Flipkart to Walmart
Read more »
Oil futures off 2019 high as US production soarsThe economic slowdown prompts concern over demand growth with Opec-led supply cuts in place since the start of year
Read more »