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WTI rallies to a 2019 high on global supply reductions
OPEC output down; US applies sanctions on Venezuela
The WTI front-month contract rose $1.57 last week to settle on Friday at a 2019 high
of $55.26/bbl. Prices were buoyed by sanctions on major US crude supplier Venezuela, a
surprise drop in inventories, including motor gasoline, and a nearly 1 MMbo/d reduction
in OPEC output in January.
On Monday, Jan. 28, WTI fell $1.70
to $51.99/bbl. Global economic anxieties
weighed down on oil prices that had risen
15% this year. Much of the concern is
focused on China, where the economy
grew......
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