Crude oil futures slip 0.22 pc on weak global trend

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West Texas Intermediate for May delivery dropped 70 cents, or 1.2 percent, to $58.71 a barrel on the New York Mercantile Exchange as of 9:34 a.m. local time.

Global benchmark-Brent crude oil futures were at $66.56 per barrel at 0410 GMT, down 47 cents, or 0.7%, from their last close, while U.S. West Texas Intermediate (WTI) futures were at $58.52 per barrel, down 52 cents, or 0.9%, from their previous settlement. USA crude added 72 cents at $59.54.

Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and USA sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.

President Trump on Thursday called on the Organization of the Petroleum Exporting Countries (OPEC) to increase the flow of oil in a bid to curb rising prices. For the week ending March 22, United States crude oil production was at a record level of 12.1 MMbpd (million barrels per day), according to the EIA data on March 27.

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ANZ bank said the darkening economic outlook "overshadowed the supply-side issues" the oil market was facing amid supply cuts led by Opec as well as USA sanctions on Venezuela and Iran.

Analysts said that they expected the USA in early May to extend some sanction waivers on Iranian oil, but might reduce the number of countries receiving them.

The 180-day exemptions were granted in November to China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

U.S. crude inventories rose last week by 2.8 million barrels, compared with analysts' expectations for a decrease of 1.2 million barrels, the U.S. Energy Information Administration said.

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"Enjoy it whilst it lasts".

On Friday, crude oil futures for May ended down $0.94, or 1.6%, at $59.04 a barrel.

"If the unplanned supply cuts remain in place. oil prices should edge toward $75/ coming months as global inventories will draw".

OPEC+ are meeting in June to discuss whether to continue withholding supply or not.

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Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.