Oil Prices Likely to Remain Rangebound

By Anonymous

0414 GMT — Despite OPEC production cuts and a continued slump in Venezuelan crude oil output, Brent crude prices will likely stay trapped within a range of $64-$68.5/barrel for now, says Ole Hansen, head of commodity strategy at Saxo Bank. “We maintain a cautious outlook on the basis that most of the price supportive news have been almost fully priced in, not least a trade deal between the U.S. and China,” he says. Macroeconomic concerns would likely offset the impact of falling OPEC output, he says. April WTI is up 0.4% at $57.12/barrel, while May Brent is up 0.2% at $66.83/barrel in midday Asian trading.