Oil nears 2019 highs amid Opec cuts
The main factor keeping oil prices from rising even further is soaring US output
London — Oil prices hovered around 2019 highs on Thursday, bolstered by Opec-led supply cuts and US sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. US West Texas Intermediate (WTI) crude oil futures were at $57.14 a barrel at 9.55am, two US cents below their last settlement, and close to a 2019 high of $57.55 reached the previous day. Brent crude futures eased 14c, or 0.2%, to $66.94 after touching a 2019 peak on Wednesday at $67.38. Oil prices have been driven up in 2019 by supply cuts led by oil cartel Opec. It, and its de facto leader, Saudi Arabia, agreed late in 2018, along with producer allies such as Russia, to cut output by 1.2-million barrels per day (bpd) to prevent a supply overhang from growing. Opec member Nigeria signalled on Wednesday that it would limit output after its production climbed in January. "There is growing confidence that global oil inventories will start depleting soon, mainly due to falling Opec production," sai...
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