Oil rises on OPEC cuts, U.S. sanctions on Iran and Venezuela


Oil rises on OPEC cuts, U.S. sanctions on Iran and Venezuela

Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although surging U.S. production and concerns over economic growth kept markets in check.

U.S. West Texas Intermediate (WTI) crude oil futures were at $52.50 per barrel at 0102 GMT, up 9 cents, or 0.2 percent, from their last close. International Brent crude futures were up 18 cents, or 0.3 percent, at $61.69 per barrel.

Analysts warn that markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of U.S. sanctions on Venezuela and Iran. Read More

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