Oil Prices Under Downward Pressure From Rising Supplies

Oil prices have moved under downward pressure from rising supplies, even though Iranian exports are expected to fall because of new U.S. sanctions. Forecasts of a 2019 supply surplus and slowing demand have also crippled the market.

Brent crude had dropped from a four-year high in October above $86 a barrel to $71 on Tuesday. Prices rallied back above $73 on Wednesday. The additional supply has caused diminishing crude prices, tethering income for other oil producers.

A ministerial committee of some OPEC members and allies are likely to meet this week in Abu Dhabi to discuss the market and outlook for 2019.

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