Oil

The EIA now sees US crude oil production averaging 12.4 million bpd this year and 13.2 million bpd next year.

Prices will drop in the coming months as demand softens.

Analysts say U.S. output will rise further and that oil firms will export more oil to sell off surplus stocks.

The main factor keeping oil prices from rising even further is soaring U.S. oil production.

South Korean refiners and chemical heavily relied on Iranian condensate for production of various petrochemical products.

The annual contract will begin from April.

China’s vehicle sales last month fell by 15.8 percent versus the same month in 2018.

Iran was the seventh biggest oil supplier to India in January compared with sixth in December.

US-China trade talks are set to resume next week in Washington.

Progress in the trade talks between the US and China helped to allay fears about fuel demand.