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Oil prices rose on Thursday, supported by OPEC cuts
Oil prices rose near their 2011 highs on Thursday, supported by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but the global economic slowdown has prevented it from rising further.
At 0742 GMT, US WTI crude futures were at $ 57.39 a barrel, up 23 cents, or 0.4 percent, at the latest settlement, close to the peak of 2019 at $ 57.55 recorded the day before.
Brent crude was $ 67.20 a barrel, up 12 cents, or 0.2 percent, on the latest closing, not far from its peak of $ 67.38 a barrel the previous day.
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