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Oil rises as the market focuses on tight supplies
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Oil prices rose on Tuesday on expectations of global supply shortages due to US sanctions on Venezuela and OPEC-led production cuts.
But disappointing US factory data pressured the market, which saw the rally of the US TTI and Brent rise to a 2019 high as concerns over the global economy continued.
Futures for West Texas Intermediate were $ 54.65 a barrel by 0810 GMT, up 6 cents to 0.16 percent. Crude hit a two-month high of $ 55.75 on Monday.
Brent crude for the year was $ 62.56 a barrel, up 5 cents, or 0.08 percent.
Analysts said US sanctions on Venezuela focused market attention on a drop in global supplies.
Experts said on Friday after examining the details published by the US Treasury Department on the sanctions imposed on Venezuela that it would significantly reduce oil transactions between Caracas and other countries and similar to those imposed on Iran last year.
OPEC oil production fell in January by the most in two years, according to a Reuters survey.
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