Oil prices rises to 2019 highs on Opec cuts
US sanctions on Iran and Venezuela sees output fall, but rising US shale production helps cap prices
London — Oil prices rose to new 2019 highs on Tuesday, supported by supply cuts from oil cartel Opec and falling output from Iran and Venezuela due to US sanctions. Brent crude oil futures were up 55c at $68.09 a barrel at 11.45am GMT, having earlier risen to a new 2019 high of $68.16 a barrel, their highest since November 2018. US West Texas Intermediate (WTI) futures were at $59.47 a barrel, up 38c from their last settlement. They also rose to their highest since November 2019 of $59.57 a barrel on Tuesday. On Monday, Opec scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until its next regular meeting in June. Opec and a group of non-affiliated producers including Russia, known as Opec-Plus, cut supply in 2019 to halt a sharp price drop, which began in the second-half of 2018 due to booming US production and fears of a global economic slowdown. Saudi Arabia has signaled that Opec and its allies may continue to restrain ...
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