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15-Mar2019

Crude oil futures end higher on Thursday

Crude oil futures ended higher for fourth straight day on Thursday after recent data revealed a weekly decline in domestic supplies. However, Brent crude ended lower in the wake of a reported delay in the US-China trade discussions and a slowdown in Organization of the Petroleum Exporting Countries (OPEC) output cuts. A meeting between Trump and Chinese President Xi Jinping will be delayed until at least April. Meanwhile, OPEC, in a monthly report said that output by its members fell in February, though at a significantly reduced rate than the month prior and well-below the group's pledge to the market.

Benchmark crude oil futures for April gained 35 cents or 0.6 percent to settle at $58.61 a barrel on the New York Mercantile Exchange. However, May Brent crude lost 32 cents or 0.5 percent to settle at $67.23 a barrel on London's Intercontinental Exchange.


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