On March 27, the Brent-WTI spread expanded by 39 cents.
The price of global benchmark Brent crude has risen about 25 percent in 2019, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and involuntary losses due to USA sanctions on Iran and Venezuela. The price action is also indicating a slight divergence between WTI and Brent crude oil with the US market showing more strength this week.
Both crude oil price benchmarks have slumped by nearly 3 percent since last week hitting their highest since November 2018.
Given the OPEC+ cuts, however, Bank of America said it expected oil prices to rise in the short-term, with Brent prices forecast to average $74 per barrel in the second quarter.
Crude futures were little changed in post-settlement trade after the American Petroleum Institute, a trade organization, said US crude inventories rose 1.9 million barrels in the latest week.
Brent crude has risen more than 25 percent this year on the back of moves by OPEC and allies like Russian Federation to cut output, as well as plummeting Venezuelan production.
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Secretary General Antonio Guterres also stressed the worldwide body's view that the territory's status has not changed. Bahrain and the United Arab Emirates said that they regretted the decision, adding that global law should be honored.
In December, the evening before OPEC was set to meet to discuss production cuts, the President sent oil prices down as he informed OPEC in a tweet that the "World does not want to see, or need, higher oil prices!"
On Oct. 3, WTI prices reached the peak for previous year at over $76 per barrel while Brent also hit a peak level at $86 per barrel, however prices then plunged in the following weeks.
Prices have also been driven up by USA sanctions on oil exporters and OPEC-members - Iran and Venezuela.
Manufacturing data from Asia, Europe and North America is pointing to a sharp economic slowdown.
However, Russia's Gazprom Neft, one of the important non-OPEC oil producing stalwarts, stated it does not expect to continue the previously agreed upon supply cuts through the end of 2019.
Crude was already under pressure after an unexpected surge in USA oil stockpiles on Wednesday.