Oil expands on OPEC cuts, US sanctions on Iran, Venezuela three months



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SINGAPORE (Reuters) – Oil prices rise to the highest levels since November last Monday, which was built by OPEC underpinned supply cuts and US sanctions on Iran and Venezuela.

FILE FOLLOWS: Staff who walk past storage tanks at the Tullow Oil & Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018. REUTERS / Baz Ratner / File Photo

US oil oil income West Texas Intermediate (WTI) pushing $ 56 per barrel for a & # 39; The first time this year, which hit $ 56.13 in the barrel before reverting to $ 56.02 barrel with 0112 GMT, still up 0.8 percent from its last settlement.

International Brent income unexpectedly hit almost $ 66.78 per barrel before it totaled $ 66.65 per barrel, up 0.6 percent from their last.

For both benchmarks, these are the highest levels from November 20, 2018.

The Petroleum Reformation Agency (OPEC) agreed, as well as some non-Russian makers, last year to cut output with 1.2 million barrels per day (bpd) to prevent Great supplying over the larger climate.

Lower prices are more on being a US-owned partnership. Opposition of oil exports and OPEC members in Iran and Venezuela.

Traders said financial markets, including future, were generally supported by the hope that the United States and China would resolved as soon as they were against trade dispute, gone on economic growth in the world.

"Improved signage in the US international trade speeches helped to raise awareness over markets," said ANZ Monday.

At least the partially-made provision has fallen into an increase in raw oil production of US. with more than 2 million pd in 2018, to a 11.9 million pd record.

And there are signs that the US product will increase.

The U.S. energy companies grew. Last week, the number of oil crannogs seeking a new representation by three, to 857 in total, said Baker Hughes's energy services company in the weekly Friday report. RIG-OL-USA-

That means that the US hard count is more than a year ago when there were fewer than 800 active rigs.

GRAPHIC: US ​​oil tank account and unwanted display levels – tmsnrt.rs/2V1n5mN

Statement by Henning Gloystein; Edited by Joseph Radford and Richard Pullin

On Standards:Thomson Reuters Trust Principles.
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