Sydney — US oil prices inched up on Tuesday, buoyed by the expectation of tightening global supply due to US sanctions on Venezuela and production cuts led by Opec. US West Texas Intermediate (WTI) crude futures were at $54.77 a barrel at 2.23am GMT, up 21c or 0.4%. They closed down 1.3% on Monday, after earlier touching their highest since November 21 at $55.75 a barrel. International Brent crude oil futures were at $62.72 a barrel, also up 21c, or 0.4%, after closing down 0.4% in the previous session. Analysts said that US sanctions on Venezuela had focused market attention on tighter global supplies. “Fresh US sanctions on the country could see 0.5%-1% of global supply curtailed,” said Vivek Dhar, mining and energy analyst, Commonwealth Bank of Australia. The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran in 2018, experts said on Friday after looking at details posted by...

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