Oil near 2019 highs amid OPEC supply cuts, but rising U.S. output weighs

Oil prices hovered near 2019 highs on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela, but capped by soaring U.S. production and expectations of an economic slowdown.

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.93 per barrel at 0042 GMT, down 16 cents from their last settlement, but not far off their 2019 high of $56.33 reached earlier this week.

International Brent crude futures had yet to trade. They also hit a 2019 high of $66.83 per barrel this week.

Prices have been driven up by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC)…read more

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