Oil prices are rising to the highest level in 2019, backed by reduced supply



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The two benchmark oil stocks posted their biggest gains in the first quarter in 10 years

Oil prices rose about 2 percent on Monday to reach new levels, the highest since early 2019. Brent touched $ 69 a barrel after the record two biggest gains in the first quarter of any year in nearly ten years, supported by the supply contraction and positive indicators of the global economy According to "Arab."

In detail, Brent crude closed up $ 1.43, or 2.1 percent, to $ 69.01 per barrel after climbing to $ 69.19, its highest level since November.

Oil gained 27% from January to March.

US crude oil futures rose $ 1.45, or 2.4 percent, to $ 61.59 a barrel after reaching a five-month high of $ 61.72.

US oil rose 32% in the first quarter.

US stocks rose after positive manufacturing data in the US and China lowered fears of a slowdown in global growth, while China's manufacturing sector unexpectedly returned to growth in March for the first time in four months.

Manufacturing data in the US also looked better than expected in March, helping investors overcome weak February retail sales data.

The United States and China said they had made progress in the trade talks that ended on Friday in Beijing. Washington said the talks were "constructive," as the world's two largest economies tried to resolve their trade dispute.

US sanctions on Iran and Venezuela, cuts in supply by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers contributed to price support.

A Reuters poll showed OPEC production in March fell 280,000 barrels per day (bpd) in February to 30.4 million barrels per day, the lowest monthly production rate since 2015.

Oil prices are rising to the highest level in 2019, backed by reduced supply


Previously

Oil prices rose about 2 percent on Monday to reach new levels, the highest since early 2019. Brent touched $ 69 a barrel after the record two biggest gains in the first quarter of any year in nearly ten years, supported by the supply contraction and positive indicators of the global economy According to "Arab."

In detail, Brent crude closed up $ 1.43, or 2.1 percent, to $ 69.01 per barrel after climbing to $ 69.19, its highest level since November.

Oil gained 27% from January to March.

US crude oil futures rose $ 1.45, or 2.4 percent, to $ 61.59 a barrel after reaching a five-month high of $ 61.72.

US oil rose 32% in the first quarter.

US stocks rose after positive manufacturing data in the US and China lowered fears of a slowdown in global growth, while China's manufacturing sector unexpectedly returned to growth in March for the first time in four months.

Manufacturing data in the US also looked better than expected in March, helping investors overcome weak February retail sales data.

The United States and China said they had made progress in the trade talks that ended on Friday in Beijing. Washington said the talks were "constructive," as the world's two largest economies tried to resolve their trade dispute.

US sanctions on Iran and Venezuela, cuts in supply by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers contributed to price support.

A Reuters poll showed OPEC production in March fell 280,000 barrels per day (bpd) in February to 30.4 million barrels per day, the lowest monthly production rate since 2015.

April 2, 2019 – 26 Rajab 1440

1:32 a.m.


The two benchmark oil stocks posted their biggest gains in the first quarter in 10 years

Oil prices rose about 2 percent on Monday to reach new levels, the highest since early 2019. Brent touched $ 69 a barrel after the record two biggest gains in the first quarter of any year in nearly ten years, supported by the supply contraction and positive indicators of the global economy According to "Arab."

In detail, Brent crude closed up $ 1.43, or 2.1 percent, to $ 69.01 per barrel after climbing to $ 69.19, its highest level since November.

Oil gained 27% from January to March.

US crude oil futures rose $ 1.45, or 2.4 percent, to $ 61.59 a barrel after reaching a five-month high of $ 61.72.

US oil rose 32% in the first quarter.

US stocks rose after positive manufacturing data in the US and China lowered fears of a slowdown in global growth, while China's manufacturing sector unexpectedly returned to growth in March for the first time in four months.

Manufacturing data in the US also looked better than expected in March, helping investors overcome weak February retail sales data.

The United States and China said they had made progress in the trade talks that ended on Friday in Beijing. Washington said the talks were "constructive," as the world's two largest economies tried to resolve their trade dispute.

US sanctions on Iran and Venezuela, cuts in supply by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers contributed to price support.

A Reuters poll showed OPEC production in March fell 280,000 barrels per day (bpd) in February to 30.4 million barrels per day, the lowest monthly production rate since 2015.

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