Oil prices close to their highest levels in 2019

Under the influence of OPEC cuts and US sanctions

Oil prices approached their highest levels in 2019 on Tuesday, supported by OPEC-led supply cuts.

According to Reuters, "US sanctions against Iran and Venezuela support prices, but dealers believe that rising US production could dampen the market.

At 7:46 GMT, the futures on the US WTI crude were at $ 59.14 a barrel, up 5 cents from the previous settlement price and close to a record high of $ 59.23 during the previous session.

Brent futures for the year rose 20 cents to $ 67.74 a barrel, which is also close to the $ 68.14 high at the end of last week.

In China, Shanghai crude futures, opened last year, rose 4.5% over the previous year, which stood at nearly 468.2 yuan ($ 69.71). ) a barrel, also close to the peak of 475.75 percent recorded in 2019 in February.

Shanghai crude trades more expensive than Brent when calculating the dollar price.

The Organization of the Petroleum Exporting Countries (OPEC) canceled its April meeting on Monday, extending supply cuts from January to June at least, with the next meeting scheduled to take place.

OPEC and a group of outside producers, including Russia, in the so-called OPEC + coalition, began cutting back on supplies to stem sharp price declines in the second half of 2018, as markets were under pressure from growing production and an economic downturn.

Traders believe that prices have been further supported by US sanctions on oil exports from Iran and Venezuela.