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published in Blogs
Apr 10, 2019
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Oil prices up as supplies tighten

Oil prices are higher today as OPEC production cuts and U.S. sanctions on Iran and Venezuela continue to pressure supply.

International benchmark Brent futures were up 18 cents, or 0.25%, at $70.79 a barrel by in early trading. U.S. West Texas Intermediate (WTI) crude oil futures were up 32 cents, or 0.5%, at $64.30.

Oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.

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