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US oil prices edge up on tightening global supply

Updated : February 05, 2019 07:59 AM IST

US West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 0020 GMT, up 16 cents from their last settlement. They closed down 1.3 percent on Monday, after earlier touching their highest since November 21 at $55.75 a barrel.
Analysts said that US sanctions on Venezuela had focused market attention on tighter global supplies.
The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran last year, experts said on Friday after looking at details posted by the Treasury Department.
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