Oil Prices Jump Over 1 Percent Amid Tightening Supply

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Oil prices rose one per cent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.

After closing the previous session at $70.98 a barrel on Thursday, global benchmark Brent crude gained 0.2% to trade at $71.12 per barrel at 0630 GMT.

Brent and WTI crude futures have risen by approximately 30% and 40% respectively since the start of the year.

Kevin Durant and Patrick Beverley ejected from Game 1
Quickly, an official jumped in the middle and gave both players a technical foul before ejecting them from the game. With 4:41 to play, the two got tangled up, with Durant pushing Beverley into the scorer's table.


The recent downward revision to the 2019 global growth forecasts made by the International Monetary Fund combined with the renewed US-EU trade worries continue to cast doubt on the global economic growth and its impact on the oil demand.

The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from January 1 for six months. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels, sending U.S. gasoline futures higher by 3.5 per cent on their close on Wednesday. OPEC has been saying the curbs must remain, but that stance is now softening.

They meet on June 25-26 to decide whether to extend the pact.

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The WTI Crude Oil market tried to rally during the day on Friday but gave back about half of the gains by the time we got into NY afternoon trading.

In its latest monthly oil market report, the Paris-based IEA said production by Organisation of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia dropped to its lowest level in two years in March after the cartel agreed to cuts with Russian Federation and other ex-Soviet states. Indicating that an ongoing price hike could prompt OPEC to promote a supply glut, an analyst at Price Future Group in Chicago, Phil Flynn said, "Now there is a suggestion that OPEC may surprise us and raise production pre-emptively if we get a price spike".

"An increase is on the table, yes, if prices went to $80 and higher", this OPEC source said.

India marks colonial massacre centenary, Britain makes no apology
To commemorate the event on the 100th anniversary, Asquith paid his tribute and laid a floral wreath at the memorial in Amritsar . The Jallianwala Bagh massacre is one of the darkest chapters in the history of India's freedom struggle.


Putin aside, U.S. President Donald Trump is also against high oil prices, which he fears will hurt his 2020 reelection campaign.

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