Monthly Pricing - 01/03/2019

Brent Crude broke $67/bbl for the first time in 2019 last month, reaching a high of $67.80/bbl due to OPEC production cuts and optimism over a Sino-US trade deal.

GBP reached its highest rate for almost 2 years in late February, touching 1.335 vs USD following Theresa May’s call for a Brexit extension vote on 12th March.

The situation in Venezuela continued to worsen in February, with border violence breaking out due to Maduro’s refusal to allow humanitarian aid into the country.

Price Drivers

Supply Force majeure to be lifted at Libya’s Sharara oil field. Petroineos announce £500m Forties pipeline revamp.
Demand Largest weekly draw on US crude stocks since July ‘18. US-China trade deal at risk over Lighthizer dispute.
Geo-Political US-NK summit ends in disagreement over sanctions. Indian jet shot down in Pakistan following air strikes.