January 15, 2019: Oil prices were firm on Wednesday as signs of an economic slowdown were offset by OPEC-led supply cuts. Another driver for higher oil prices was the remarks from the U.S. Administration on how it had no plans of granting any further sanction waivers to Iran’s crude oil buyers.

However, many analysts believe it is highly probable that the oil price recovery could be momentary and might weaken amid renewed concerns about the pace of global economic and oil demand growth.

International Brent crude oil futures were at $60.66 per barrel at 0444 GMT, 2 cents above their last close, while U.S. West Texas Intermediate (WTI) crude futures were flat from their last closing, at $52.11 a barrel.

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