Oil edged lower on Thursday but held near 2019 highs, supported by a sharp tight...
LONDON - Oil edged lower on Thursday but held near 2019 highs, supported by a sharp tightening of global stocks, OPEC production cuts and U.S. sanctions on key producers Iran and Venezuela.
International Brent crude oil futures were down 30 cents at $68.30 a barrel by 1102 GMT, having hit their highest since Nov. 13 at $68.69 earlier in the session. Crude prices have been pushed up by almost a third since the start of 2019 by supply cuts led by the Organization of the Petroleum Exporting Countries, as well as sanctions against Iran and Venezuela by the United States.
That followed a 10-million-barrel fall in U.S. crude stocks last week, the largest drop since July, due to strong export and refining demand, according to the U.S. government’s Energy Information Administration
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