Latest Updates on Oil: Crude Oil Hits 2019-highs

Crude 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 view point.

International 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.

Brent 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 settlement.

The 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 prices.

US crude oil production also lowered, down by 1,00,000 bpd to 12 million bpd.

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