Oil pushed up by deepening OPEC supply cuts, sanctions on Venezuela
Updated : February 13, 2019 11:22 AM IST
US West Texas Intermediate (WTI) crude oil futures were at $53.66 per barrel at 0530 GMT, up 56 cents, or 1.1 percent, from their last close.
The Organisation of the Petroleum Exporting Countries (OPEC), which Saudi Arabia de-facto leads as the world’s top crude oil exporter, said on Tuesday that it had cut its output by almost 800,000 bpd in January to 30.81 million bpd.
Supply issues in Venezuela, another OPEC member, are also bolstering oil prices as the South American country suffers a political and economic crisis, with Washington introducing petroleum export sanctions against state-owned energy firm PDVSA.
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