Oil prices recovered from early weakness Wednesday after surging U.S. output and concerns over slowing global growth overshadowed investor optimism over OPEC-led supply cuts as well as the U.S. sanctions against Iran and Venezuela.
But prices rebounded later in the day as Brent crude soared 63 cents or 0.95 percent to a fresh 2019 high of $67.08 dollars per barrel.
U.S. West Texas Intermediate (WTI) crude oil surged 77 cents or 1.36 percent to $57.22 – also high for this year.
U.S. crude production jumped by more than 2 million bpd in 2018 to a record 11.9 million bpd amid booming shale oil production, the Energy Information Administration said Tuesday.
Output is expected to keep rising while the global economy witnesses a synchronized slowdown in growth, according to BNP Paribas.
The material has been provided by InstaForex Company – www.instaforex.com
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