Prices have been further supported by US sanctions against oil exports from Iran and Venezuela, traders said.Outside OPEC, analysts are eyeing US crude oil production, which has soared by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making America the world’s biggest producer ahead of Russia and Saudi Arabia.Weekly output and storage data will be published by the Energy Information Administration (EIA) on Wednesday.64) per barrel, also near 2019 highs of 475.7 yuan a barrel reached during a brief spike in February.Bank of America Merrill Lynch said in a note that economic “risks are skewed to the downside” and that “we forecast global demand growth of 1.6 yuan (USD 69.64 per barrel, also close to this year’s peak of USD 68.
Because of [...]