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US West Texas crude prices rose to a six-week high Monday following the news from OPEC.
Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
Oil is nearing its biggest weekly loss this year as demand and trade-war woes combine in a ‘recipe for disaster’
Rising US supply, weakening demand, and US-China trade fears are a "dangerous combination" and adding to trader concerns in oil markets.
Oil prices jumped on Monday after OPEC signaled it would maintain supply cuts and President Trump threatened the "official end of Iran."
Oil prices soar after Trump tightens his squeeze on Iran, while Tehran threatens to close one of the world’s most important shipping lanes in re...
Oil prices hit a six-month high after the White House decided not to renew waivers due to expire in May for Iranian crude buyers.
Bullishness on a trade deal between the US and China, and supply cuts resulting from US sanctions on Iran and Venezuela have sent prices higher.
"The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs," said Jasper Lawler at London Capital Group.
Middle Eastern oil producers capable of filling a gap left by American energy sanctions have followed through with plans to slash production, raising concerns about global supply of heavy crude.
Oil is set for its longest winning streak in 30 years as traders bask in improved US-China sentiment
Stock market wobbles have grabbed all the attention, but oil has had a stunning rally into the new year, helped by signs the trade war is thawing.
Oil prices have dropped to their lowest levels in over a year and its sending a warning to markets about growth prospects for 2019.