Oil prices rise to 2019 highs on OPEC cuts, U.S. sanctions

 

Oil prices rose to new 2019 highs on Tuesday, supported by supply cuts from OPEC and falling output Brent crude oil futures were up 55 cents at $68.09 per barrel at 1145 GMT, having earlier risen to a new 2019 high of $68.16 a barrel, their highest since November 2018.

U.S. West Texas Intermediate (WTI) futures were at $59.47 per barrel, up 38 cents from their last settlement. They have also risen on Tuesday to their highest since November 2019 of $59.57 a barrel.from Iran and Venezuela due to U.S. sanctions.