Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters

Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters:

Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.

U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.

U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day.