Oil's turbulence extends into 2019 on political and output risks

Political upheavals and uncertainties surrounding supply mean that the oil price kicks off 2019 with the same price volatility seen in the final months of 2018.

Photo: Bloomberg

Oil is beginning 2019 with the same price volatility that marked the end of last year, as political crises and supply uncertainties keep investors wary.

Futures in New York slumped as much as 1.2 percent after rising 1.3 percent earlier in day, following a 1.8 percent gain over the final two trading sessions of 2018. President Donald Trump signaled he wants to "make a deal" to break a stalemate that is had part of the government shutdown for 11 days in the US – the world's biggest economy. Meanwhile, two oil ports at OPEC member Libya were closed due to bad weather, slowing some output.

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