Oil rises on Venezuela, Iran sanctions and OPEC cuts
Oil rose on Thursday amid OPEC-led supply cuts and US sanctions on crude-exporting Venezuela and Iran, but price gains were limited by record US crude production and growing commercial fuel stocks.
At 0637 GMT, US WTI crude futures were at $ 56.31 a barrel, up nine cents, or 0.2 percent, from the previous settlement.
Brent crude was $ 66.22 a barrel, up 23 cents, or 0.4 percent.
The prices are supported by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other countries - under the alliance known as OPEC + - to block about 1.2 million barrels per day of oil, in a strategy aimed at reducing supply to markets.
"From our point of view, OPEC's strategy is to balance the market as quickly as possible and exit the cuts by the end of June in order to increase production in parallel with oil producers in the second half of this year," investment bank Goldman Sachs said in a note on Wednesday.
Traders said the US sanctions on OPEC's oil industry, Iran and Venezuela, also had an impact.
Venezuelan national oil company PDVSA announced this week a maritime emergency because of what it said were difficulties in providing tankers and individuals to export their oil under sanctions.