Oil hits the highest level in 2019, influenced by Venezuela's sanctions and OPEC cuts
Oil prices rose to their highest level since the start of the year on Monday as markets narrowed due to OPEC-led production cuts and US sanctions on Venezuela.
Brent crude futures rose to their highest level since the start of the year at $ 63.37 a barrel by 0800 GMT after rising 3 percent in the previous session.
US West Texas Intermediate crude futures hit a year high of $ 55.68 a barrel, after already rising 2.73 percent in the previous session.
Rising oil prices helped lower the margins of Asian refineries to their lowest level since 2010 on Monday, according to Reventiv data.
Production cuts from the Organization of the Petroleum Exporting Countries (OPEC) have been compounded by a commitment to a supply reduction agreement as the number of US dredgers and sanctions on Venezuelan oil sales have declined.
Experts after examining the details released by the US Treasury Department on sanctions on Venezuela said they would significantly reduce oil transactions between Venezuela and other countries similar to those imposed on Iran last year.
Opec oil output in January fell by two-year volumes, despite a slowdown in Russia's output decline, according to a Reuters survey.
Data from the Energy Ministry showed on Saturday that Russia had not achieved the level of output reduction target of oil. Last month's output fell to 11.38 million barrels per day in January, but this represents a reduction of 35,000 bpd just below the October 2018 level, the main reference for a global deal on production cuts.