Towards the end of March, oil prices were slightly depressed due to concerns relating to a possible economic downturn in the US which would have reduced future demand as also a report from the US Energy Information Administration (EIA) indicating higher than expected inventories. President Donald Trump had also pitched with a warning to OPEC to stop cutting production.
But these negative indicators were soon reversed as OPEC and its non-OPEC associates indicated they intended to ignore the president and that production cuts would continue to the end of the year.
On 28 March, WTI forward prices for May crossed $ 60/ barrel for the first time since early November and settled at $ 60.14, while June Brent closed at $ 67.58.
April 3, 2019