Brent crude slips away from 2019 high
There has been a surge in US crude oil by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd. (Reuters)
Updated 38 sec ago
February 18, 201904:08
Traders said Brent prices slipped after China reported the weak car sales data
Despite this data, global oil markets remain relatively tight because of supply cuts
SINGAPORE: Oil prices fell on Monday after climbing to their highest this year earlier in the session as China reported automobile sales in January fell for a seven month, raising concerns about fuel demand in the world’s second-largest oil user.
International Brent crude futures were at $66.20 per barrel at 0353 GMT, down 5 cents from their last close. Brent earlier climbed to $66.78 a barrel, the highest since November 2018.
US West Texas Intermediate (WTI) crude oil futures were at $55.82 per barrel, up 23 cents from their last close. WTI prices also rose their highest since November, at $56.13 per barrel, earlier on Monday.