Oil prices tick over near 2019 highs

Oil prices tick over near 2019 highs

Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.

WTI crude oil futures were at $57.33 per barrel at 0256 GMT, 17 cents (0.3%) above their last settlement, but below their 2019 high of $57.55 reached the previous day.

Brent crude futures were at $67.14 per barrel, 6 cents above their last close and not far off their 2019 peak, hit the day before, of $67.38 per barrel, Reuters reported.

Despite the slowdown in economic growth that emerged in late 2018, oil prices have been driven up this year by supply cuts led by OPEC. Another price driver has been U.S. sanctions against oil exporters Iran and Venezuela.

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