Oil hits 2019 high on OPEC cuts, concerns over demand ease GlobeBusiness
Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow.
Brent crude rose 10 cents to $69.11 a barrel by 0826 GMT, having touched $69.50, the highest since mid-November. U.S. crude was up 11 cents at $61.70 after rising above $62 for the first time since early November.“The supply cuts have been there for a while but Venezuela is not improving,” said Olivier Jakob, analyst at Petromatrix. “That is taking a lot of oil away from the market.”
Supply from the Organization of the Petroleum Exporting Countries hit a four-year low in March, a Reuters survey found, because top exporter Saudi Arabia cut more than it had agreed to and due to the involuntary declines. Six analysts polled by Reuters estimated, on average, that crude stocks fell by 1.2 million barrels in the week to March 29. The first of this week’s supply reports, from the American Petroleum Institute, is due at 2030 GMT.
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