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Oil Nudges Higher on Venezuela and Iran Sanctions, OPEC Cuts


Thursday, 7 March 2019 14:22 WIB

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Oil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but price gains were capped by record U.S. crude output and rising commercial fuel inventories.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 06;37 GMT, up 9 cents, or 0.2 percent, from their last settlement.

Brent crude futures were at $66.22 per barrel, up 23 cents, or 0.4 percent.

Prices are being supported by efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and other countries - a grouping known as 'OPEC+' - to withhold around 1.2 million barrels per day (bpd) of oil, a strategy aimed at tightening markets.

Source : Reuters


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