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U.S. oil prices gain following previous losses, but not all is in the clear

  • Regular
  • Economy
  • 3 weeks ago
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U.S. oil prices have gained some ground from its previous losses which saw the fossil fuel slump by 6.7% marking its lowest point since June of last year.

WTI futures were at $42.82 per barrel, up 0.68%, while Brent crude future traded at $50.47 per barrel, down 0.22%. 

Russia’s Energy Minister Alexander Novak is confident prices will stabilize within the coming of 2019, while OPEC’s production cuts may have to be reviewed as there is a hint of worry that it won’t be enough to control the slide of the prices.

Something that will surely be the centre of discussion coming their April 2019 meeting.

This coupled with the U.S. in current political limbo as government risks a lengthy shutdown puts the black gold within reach of the bear market.

 

Source: Smart Trend Team