Cuts in OPEC and US sanctions in the headlines

Oil prices rose on Monday, adding to the first-quarter gains when major benchmarks recorded their largest increases for nearly a decade, with concerns over supplies exceeding fears of a slowdown of the global economy.

Brent for June delivery rose 34 cents, or 0.5%, to $ 67.92 per barrel at 00:55 GMT, up 27% in the first quarter.

Futures on WTI (West Texas Intermediate) in the United States increased by 30 cents, or 0.5%, to $ 60.44, following a 32% increase between January and March.

United States sanctions on Iran and Venezuela, as well as cuts in the supply of members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, have helped to this year, concealing concerns about global growth and the US-China trade war.

Sigal Mandelker, US Under Secretary of the Treasury for Terrorism and Financial Intelligence, told reporters on Friday in Singapore that the United States had exerted "intense pressure" on Iran.

US officials are keen to ensure that Malaysia, Singapore and other countries are fully aware of Iran's illicit oil shipments and the tactics Iran uses to evade sanctions, Mandelker said.

The United States has also asked oil trading companies and refiners to further reduce trade with Venezuela or to be subject to sanctions, even though these transactions are not prohibited by US published sanctions, three sources said. close to the file.

An agreement between OPEC and allies such as Russia, aimed at reducing production by about 1.2 million barrels a day, officially launched in January, also supported prices.

US production has also stabilized since mid-February. The US government reported Friday that domestic production of the world's largest crude oil producer was down in January, settling at 11.9 million bpd.

US energy companies have reduced the number of oil rigs to the lowest level for nearly a year, removing the largest number of platforms in a quarter, Baker Hughes said.

Hedge funds and other fund managers raised their net positions on futures and options on US crude to 243,209 in the week to March 26, the Commodity Futures Trading Commission (CFTC) said.