Oil prices moved higher on Thursday to hit the peak of the year 2019, amid
global production cuts and supply disruptions in Venezuela. An unforeseen fall
in US crude oil inventories and production also lifted prices, as per traders
Brent crude oil futures marked a 2019-high of USD67.80 per barrel in Asian
morning hours, that was considered the
strongest level since November 2018.
Crude stood at USD67.75 per barrel up 0.3 per cent, from its last close, while US
WTI crude futures were at USD58.38 per barrel, up 0.2 per cent, from their last
OPEC and some non-aligned producers including Russia were controlling oil
supply since the onset of the year to tighten global markets and prop up crude
US crude oil production also lowered, down by 1,00,000 bpd to 12 million bpd.