Oil prices rise amid OPEC cuts
13:44 - 13/03/2019
Information / Baghdad ..
Oil prices rose on Wednesday, driven by OPEC's current production cuts and US sanctions on Iran and Venezuela.
By 0751 GMT, the benchmark Brent crude for $ 66.95 a barrel was up 28 cents, or 0.4 percent, from the previous close.
US West Texas Intermediate crude futures were $ 57.23 a barrel, up 36 cents, or 0.6 percent, from the previous settlement price.
Oil prices have been rising since the beginning of this year thanks to OPEC-led supply cuts.
Market shortages have been exacerbated by US sanctions on oil exports from OPEC members Iran and Venezuela.
National Bank of Australia said the outlook for the oil market is mixed as there are downside risks to prices stemming from concerns about economic growth and strong US supply growth, while OPEC supply cuts and US sanctions on Iran and Venezuela are driving prices.
The US Energy Information Administration said on Tuesday that US crude oil production is expected to reach 12.30 million bpd in 2019, up from an average of about 11 million bpd in 2018.