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The major oil benchmarks started 2019 on the....>

OIL
OIL: The major oil benchmarks started 2019 on the front foot, with risk assets
ticking higher, before a soft Chinese Caixin manufacturing PMI print weighed on
risk. WTI & Brent last ~$0.40 & $0.50 lower respectively.
- The space initially drew support from a tweet made by the UAE energy minister
on Tuesday which stated that "as we start a new year, I remain optimistic toward
achieving the market balance during the 1st quarter after OPEC and Non-OPEC
production cut. At this time last year we remember the same pessimistic views
which we disagreed with and as we expected 2018 was a good year."
- This came after the Algerian energy minister told Platt's that "he was
confident oil prices will return to between $65 and $70 a barrel by April, but
stressed that the OPEC alliance would cut production further if the market had
not responded by then."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income NewsForeign Exchange News
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income NewsForeign Exchange News

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