Oil hits 2019 high above $63 on Venezuela sanctions, OPEC | Reuters:
Oil hit a two-month high above $63 a barrel on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown.
The Organization of the Petroleum Exporting Countries and its allies began a new round of supply cuts in January. These curbs, led by Saudi Arabia, have been compounded by involuntary losses that the Venezuelan sanctions could deepen.
Brent crude LCOc1, the global benchmark, hit $63.40 a barrel, the highest since Dec. 7, and was up 49 cents at $63.24 as of 0918 GMT.
U.S. crude CLc1 hit a 2019 high of $55.68 and was later up 9 cents at $55.35.
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