Brent crude holds near 2019 peak as global supplies tighten GlobeBusiness
Oil held near 2019 highs on Thursday, supported by tightening U.S. stocks and declining output from key producers due to OPEC production cuts and U.S. sanctions on Iran and Venezuela.
U.S. West Texas Intermediate crude futures were at $60.10 per barrel, down 13 cents. WTI reached its highest since Nov. 12 earlier in the day, at $60.33 per barrel.Crude prices have been pushed up by almost a third since the start of 2019 by supply cuts led by the Organization of the Petroleum Exporting Countries, as well as sanctions enacted against Iran and Venezuela by the United States.
That followed a 10-million-barrel fall in U.S. crude stocks last week, the largest drop since last July, boosted by strong export and refining demand, according to the U.S. government’s Energy Information Administration . Iranian oil shipments have slumped. The United States aims to cut Iran’s crude exports by about 20 percent to below 1 million bpd from May by requiring importing countries to reduce purchases to avoid U.S. sanctions.The OPEC cuts and sanctions have also tightened supply within the United States.
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