CRUDE OIL UPDATE FOR TODAY

Oil prices were steady on Friday, supported as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand futures were at $67.15 per barrel at 0126 GMT, 8 cents below their last close, but still within a dollar of the $68.14 2019-high reached the previous day.U.S. West Texas Intermediate (WTI)  futures were at $58.55 per barrel, down 6 cents from their last settlement, and not far off their 2019-high of $58.74 from the previous day.Despite Friday’s dips, oil has rallied around a quarter since the start of the year.”Crude oil continues to grind higher … in response to ongoing production cuts from the OPEC+ group of producers as well as another (output) slump from a blacked-out Venezuela,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank

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