Oil prices were trading mixed on Friday as concerns over surging U.S. output and global growth worries offset optimism over output cuts by producer club OPEC.
Global benchmark Brent crude slipped 0.25 percent to $66.15 per barrel while U.S. West Texas Intermediate (WTI) crude oil futures were marginally higher at $57.23 per barrel.
There are signs of tightening in the oil market, with Venezuela’s oil exports plunging 40 percent to around 920,000 barrels per day (bpd) since the U.S. government slapped sanctions against its petroleum industry on Jan. 28.
The drop in supply comes following OPEC efforts to withhold around 1.2 million bpd of supply since the start of the year.
On the flip side, it is expected that growth concerns and surging U.S. supply may slow the speed of a recovery in oil prices.
China’s factory activity contracted for a third straight month in February but at a slower pace as output and new orders expanded, a report showed today.
Elsewhere, data from Japan and Europe proved to be a mixed bag.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Oil Prices Mixed In Cautious Trade