11 January, 2019
Crude Oil traded stable to slightly lower on Friday morning during the Asian trading session at 52.58, amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb. Traders said the declines came on lingering concerns over the health of the global economy. Most analysts have downgraded their global economic growth forecasts below 3% for 2019, with some even fearing a looming recession amid trade disputes and spiraling debt. So far this week Crude has grown 8%. Beyond global economics, oil markets are receiving support from supply cuts led by the Organization of the Petroleum Exporting Countries aimed at reining in a glut that emerged in the second-half of 2018.