Oil dips below 2019 highs as surging U.S. supply counters OPEC cuts | Reuters

Oil dips below 2019 highs as surging U.S. supply counters OPEC cuts | Reuters:

Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela.

U.S. West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.39 per barrel on Wednesday but had slipped back to $56.16 per barrel by 0746 GMT, which was slightly above their last settlement.

International Brent crude futures were at $66.41 per barrel, down 4 cents from their last close, though still not far off their 2019 high of $66.83 per barrel, hit on Monday.