Oil prices firm on OPEC cuts, strong demand and looming Iran sanctions
Updated : May 18, 2018 12:31 PM IST
US West Texas Intermediate (WTI) crude futures were at $71.61 a barrel, up 12 cents, or 0.2%, from their last settlement.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
US investment bank Jefferies said sanctions against Iran could remove more than 1 million barrels per day (bpd) from the market.
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