US sanctions and supply cuts keep oil buoyant
Brent heads back towards five-month highs on Opec production cuts and US sanctions against exporters Iran and Venezuela
Singapore — Oil prices edged back towards five-month highs on Wednesday, supported by ongoing supply cuts by producer club Opec and US sanctions against oil exporters Iran and Venezuela. International benchmark Brent futures were at $70.83 per barrel at 00.56 GMT, up 22c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $64.26 per barrel, up 28c, or 0.3%, above their last settlement. Both benchmarks hit five-month highs on Tuesday, before easing on global growth worries and concerns about a rise in Russian supplies. Oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (Opec) and some non-affiliated producers, a group known as Opec+. As a result, Brent and WTI crude oil futures have risen by about 40% and 30% respectively since the start of 2019. “The global oil market is clearly moving back towards ba...
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