• Oil swings below 2019 peaks under OPEC cuts


    *SINGAPORE (Reuters)

    Today, oil is hovering below its highs of 2019 slightly, backed by ongoing OPEC-led production cuts and US sanctions against Iran and Venezuela.
    Analysts say fears that an economic slowdown could soon affect fuel consumption prevent crude prices from continuing to rise.

    By 0617 GMT, Brent crude for global trade was $ 67.90 a barrel, up 4 cents from the previous close.
    Brent hit a four-month high of $ 68.69 a barrel the previous day.
    US West Texas Intermediate crude futures were $ 59.96 a barrel, two years lower than the previous settlement price.
    West Texas crude also hit a peak of 2019 the previous day at $ 60.39.

    Sukrit Vijayakar, director of Trekta Energy Consultancy, said, "The growth of the global economy remains a concern."
    Economic growth is slowing across Asia, Europe and North America, which is likely to adversely affect fuel consumption.
    But this year, oil prices are supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies such as Russia.
    Oil prices are receiving a boost from US sanctions on Iran and Venezuela, members of OPEC.

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