High oil prices

Oil prices jumped on Friday due to the contraction of supply in the markets due to the reduction in OPEC production, but the increase in supply to the states United States and concerns over a slowdown in the global economy have limited gains.

Brent futures were $ 66.73 per barrel at 05:57 GMT, up 42 cents (0.6%) from the previous settlement.

Futures contracts for basic crude in the western United States to Texas rose 29 cents, or 0.5%, from the previous level, to 57.51 dollars a barrel.

In Venezuela, oil exports have fallen 40 percent to about 920,000 b / d since the US government imposed sanctions on the oil sector on 28 January.

The decline comes as OPEC and Venezuela, a member of the group, have been pushing since the beginning of the year to cut production by 1.2 million bpd to boost prices.

However, there are signs of increased supply in the market in 2019.

The US Department of Energy announced Thursday that it would use up to six million barrels of crude oil from the national emergency reserve to raise funds to modernize its strategic reserves. oil. (Reuters)