Oil prices rise on OPEC supply cuts, but surging US output and economic slowdown weigh
Updated : March 01, 2019 11:48 AM IST
US West Texas Intermediate (WTI) crude oil futures were at $57.45 per barrel at 0116 GMT, up 23 cents, or 0.4 percent, from their last settlement. International Brent crude futures were at $66.55 per barrel, up 24 cents, or 0.4 percent.
In Venezuela, suffering from a political and economic crisis, oil exports have plunged by 40 percent to around 920,000 barrels per day (bpd) since the US government slapped sanctions against its petroleum industry on January 28.
The US Energy Department said on Thursday that it was offering up to 6 million barrels of sweet crude oil from the national emergency reserve in a sale mandated by law to raise funds to modernize the US strategic oil reserves.