U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters:
Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.
Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.
U.S. West Texas Intermediate (WTI) crude oil futures were up 15 cents at $58.76 per barrel at 0745 GMT, their strongest so far in 2019.
Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.
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