Oil hovers below 2019 highs amid OPEC supply cuts, U.S. sanctions
Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela, Trend reports citing Reuters.
Concerns that an economic slowdown might soon impact fuel consumption are preventing crude prices from rising further, analysts said.
Brent crude oil futures were at $67.90 per barrel at 0617 GMT, 4 cents above their last close. Brent hit a four-month high of $68.69 per barrel the day before.
U.S. West Texas Intermediate (WTI) futures were at $59.96 per barrel, down 2 cents from their last settlement. WTI also marked a 2019 peak the previous day, at $60.39.