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Oil near its highest level in 2019 due to OPEC cuts and US sanctions
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Oil prices are nearing their highest levels in 2019, supported by OPEC-led supply cuts.
US sanctions against Iran and Venezuela are supporting prices, but dealers say rising US production may curb the market.
West Texas Intermediate crude futures were $ 59.14 a barrel, up 5 cents from the previous settlement price and close to a high of $ 59.23 in 2019 reached in the previous session.
Brent crude for the benchmark Brent rose 20 cents to $ 67.74 a barrel, also near the peak of 68.14 recorded late last week.
In China, Shanghai crude futures, which opened last year, rose 4.5 percent from the previous close to 468.2 yuan ($ 69.71) a barrel, also close to the 2019 peak of 475.7 yuan a barrel in February.
Thus, Shanghai crude is trading at a premium above Brent when calculating the dollar price.
The Organization of the Petroleum Exporting Countries (OPEC) on Monday canceled its April meeting, effectively extending supply cuts in force from January to June at least when the next meeting is due.
OPEC and a group of outside producers, including Russia, in the so-called OPEC + coalition, began curbing supplies to stem a sharp fall in prices in the second half of 2018, when markets were under pressure from rising production and an economic slowdown.
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