Cuts And Sanctions Push Oil Just Below 2019 Highs – 21 March, 2019

OPEC led supply cuts as well as U.S. sanctions against Iran and Venezuela helped prop oil prices close to a 2019 high. U.S. West Texas Intermediate futures were just under their years high of $60.39, last trading at $60 per barrel. International Brent crude oil futures dipped 4 cents to $67.82 per barrel, keeping them still within dollar range of their 2019 high of $68.69 per barrel. OPEC’s cuts, driven by Saudi Arabia, seem to have no plans of slowing down, with gains possibly extending to the end of the year, a conversation that will be had at their next meeting in June.