Singapore — Oil prices held firm on Tuesday as ongoing production cuts by the Opec cartel and looming US sanctions against Iran tightened the market. There were also signs of continued strong demand. Brent crude futures, the international benchmark for oil prices, were at $78.30 a barrel at 4.32am GMT, up 7c from their last close and not far off a three-and-a-half-year high of $78.53 a barrel reached the previous session. US West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, up 6c and also not far off their November 2014 high of $71.89 a barrel, reached last week. Markets have generally tightened as the Organisation of the Petroleum Exporting Countries (Opec), led by Saudi Arabia, has been withholding supplies since 2017 in order to push up oil prices. With renewed US sanctions looming against Opec member Iran, analysts said crude prices were well supported. "The commitment of Saudi Arabia and the rest of Opec to the production cuts is a major factor in supporting ...
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