Opec-led cuts keep oil near 2019 highs
Sanctions against Iran and Venezuela are also boosting prices, but traders warn that rising US output may cap gains
Singapore — Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club Opec. US sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising US output. US West Texas Intermediate (WTI) futures were at $59.10 per barrel at 0314 GMT, virtually unchanged from their last settlement and close to the 2019 high of $59.23 reached the previous day. Brent crude oil futures were up 10c at $67.64 per barrel, also close to this year’s peak of $68.14 reached late last week. In China, Shanghai crude futures, launched in March last year, bounced 4.5% from their last close to 467.6 yuan ($69.64) per barrel, also near 2019 highs of 475.7 yuan a barrel reached during a brief spike in February. In dollar terms, this pushed Shanghai crude into a premium over Brent. Opec on Monday scrapped its planned meeting in April, effectively extending supply cuts that have been in place since January until at lea...
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