×
×
Markets & Forecasts

Oil prices upbeat in new year after further gains

Prices have risen by about 9% since the start of the year and are likely to climb further in 2019 as the OPEC-plus group cuts output and sanctions bite against Iran Prices have risen by about 9% since the start of the year and are likely to climb further in 2019 as the OPEC-plus group cuts output and sanctions bite against Iran.
By Peter Stewart 9 January 2019 World / Global Markets 0 33814
Crude oil markets responded on Wednesday to signs of a thaw in the US-China trade war, which depressed prices in Q4 2018. (Zbynek Burival/unsplash.com)

Global oil prices have made a strong recovery since the turn of the year, having risen by nearly 10% from their 2018 closing levels – most recently on hints of an improvement in trade relations between the United States and China. Further gains look likely in H1 2019 as the US tightens sanctions on Iran and as the OPEC-plus group implements its decision to deepen production cuts.

The Brent crude front-month futures price ended 2018 at $53.80 per barrel after dropping below $50/bbl for the first...