Oil slips from 5-month highs as economic worries counter tight market

International benchmark Brent futures touched their strongest level since last November at USD 71.34 per barrel.

Oil prices edge higher, but future demand concerns cap gains

Prices have risen more than 25 per cent this year, supported by supply curbs by the OPEC.

Brent crude oil futures were up 10 cents at USD 67.64 per barrel, also close to this year’s peak of USD 68.14 reached late last week.

OPEC’s de-facto leader Saudi Arabia said on Sunday that balancing oil markets was far from done as inventories were still high.

Brent crude futures were at USD 66.75 per barrel, up 17 cents, or 0.3 per cent.

WTI crude oil futures were at USD 56.32 per barrel, down 34 cents, or 0.6 per cent.

US crude oil production remained at a record 12.1 million bpd, an increase of more than 2 million bpd since early 2018.

International Brent futures were down 55 cents, or 0.8 percent, at USD 65.31 a barrel.

OPEC exports are off by over 1.5 million barrels per day (bpd) since November.

WTI crude oil futures were at USD 56.92 per barrel, down 2 cents from their last settlement.