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Oil prices rise on OPEC output cuts, as US sanctions bite

Updated : February 12, 2019 09:14 AM IST

US West Texas Intermediate (WTI) crude oil futures were at $52.78 per barrel at 0329 GMT, up 37 cents, or 0.7 percent, from their last close.
Analysts said markets are tightening amid voluntary production cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and because of US sanctions on Venezuela and Iran.
Should US-China talks to end trade disputes between the two nations have a positive outcome, JP Morgan said oil markets would "switch attention from macro concerns impacting future demand growth to physical tightness and geopolitical risks impacting immediate supply".
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