empty
 
 

2019.03.1916:16:00UTC+00Oil Futures End Slightly Lower Ahead Of Inventory Data

Despite posting their highest level for the year, crude oil futures settled marginally lower on Tuesday, as traders stayed cautious, weighing demand and supply situation in the market ahead of weekly inventory data.

West Texas Intermediate Crude oil futures for April ended down $0.06, or 0.1%, at $59.03 a barrel.

On Monday, oil futures for April ended up $0.57, or about 1%, at $59.09 a barrel.

While OPEC-led supply cuts and the U.S. sanctions on oil producers Iran and Venezuela appear to be tightening supply level in the market, demand growth worries keep cropping up time and again due to global economic slowdown and trade war concerns.

Later in the day, the American Petroleum Institute will release its monthly oil report. The Energy Information Administration will come out with its weekly crude inventory report on Wednesday morning.

The OPEC and its allies have reportedly canceled a meeting they had scheduled for in April, in order to assess the impact of U.S. sanctions on Iran and Venezuela.

The OPEC expects the market will remain oversupplied through the first half of 2019, said Saudi Energy Minister Khalid al-Falih recently at a committee meeting in Baku, Azerbajian.

The Joint Ministerial Monitoring Committee (JMMC) is scheduled to meet in May and then the full group of OPEC will gather on June 25 to decide on output cut extensions.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback