Oil prices rose on Friday as markets tightened amid output cuts by producer club...
SINGAPORE - Oil prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and a global economic slowdown prevented crude from climbing further.
In Venezuela, suffering from a political and economic crisis, oil exports have plunged by 40 percent to around 920,000 barrels per day since the U.S. government slapped sanctions against its petroleum industry on Jan. 28. U.S. crude output has hit a record of more than 12 million bpd, pushing exports to an unprecedented 3.6 million bpd in February.
On the demand side, a Reuters poll showed this week that analysts expect global fuel demand to stutter this year, which would weigh on crude oil prices, amid a broad economic slowdown.
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