The year 2019 was rather a balanced one for oil prices, as the early rise was evened out in the rest of the year. The US-China trade war fueled the global economic slowdown undermined the efforts of the Organization of Petroleum Exporting Countries (OPEC) and its allies to balance the crude market and ramp up oil prices. Stepping into 2020, the oil industry is on a verge of witnessing a massive shake-up, in the face of the International Maritime Organization (IMO) regulations –IMO 2020– effective from January.
WTI falls below $53 as recovery remains fragile
Crude oil prices post decisive recovery gains in the last two days and the barrel of West Texas Intermediate (WTI) rose to its highest level in nearly a month at $54.62 but struggled to preserve its momentum.