On February 18, global benchmark Brent crude halted its steady rally, having hit the highest mark of 2019 earlier. Experts say that oil prices lost support after a report from China on dismal car sales in January. Industry data has reported a decline in car sales for the 7th straight month.
So, Brent futures edged up just 0.38% to trade at $66.50 a barrel. Earlier, Brent crude oil climbed to $66.78, which is the strongest level since November 2018. West Texas Intermediate oil futures for March gained 0.68% to $55.97 a barrel. On Friday, WTI jumped to $56.13, not far from a 3-month high.
A few days later, the global market regained momentum thanks to oil production cuts by OPEC and its allies and US sanctions against Iran and Venezuela. However, the bullish trend could be disrupted by a boost in shale oil production in the US that overshadows efforts of the cartel to rein in the supply glut. According to the industrial service company Baker Hughes, the oil rig count in the US increased to 857 drilling rigs on the week ended February 15.
