Brent crude hits 2019-high amid OPEC supply cuts, sanctions on Venezuela and Iran
Updated : March 14, 2019 01:39 PM IST
International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours. That was also the strongest level since November 2018. Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close.
US West Texas Intermediate (WTI) crude futures were at $58.38 per barrel, up 12 cents, or 0.2 percent, from their last settlement, and also close to November 2018 highs reached the previous day.
In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred US companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.