Oil near the peak of 2019 amid OPEC cuts, but the economic slowdown is holding back
Oil prices surged 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 kept 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.
Analysts said the global economic slowdown was preventing prices from exceeding peak levels this week.
"The slowdown in economic growth will inevitably lead to fuel shortages, eroding the strong gains in oil prices," said Benjamin Lo, analyst at Philip Futures in Singapore.