Oil prices hit 2019 high on OPEC cuts, concerns over demand ease
Updated : April 02, 2019 06:19 PM IST
The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said. A key crude terminal in Venezuela, also under US sanctions, has halted operations again.
Brent crude touched $69.50, the highest since mid-November, and at 1153 GMT was down 2 cents at $68.99 a barrel. US crude was up 43 cents at $62.02, rising above $62 for the first time since early November.
Further supply losses from Iran and Venezuela could widen an OPEC-led production cut that took effect in January, designed to prevent a price-sapping rise in inventories.