Oil is hovering below 2019 peaks amid OPEC production cuts and US sanctions
Oil is hovering below a low of 2019 on Friday, supported by ongoing OPEC-led production cuts and US sanctions on Iran and Venezuela.
Analysts say fears that an economic slowdown could soon affect fuel consumption prevent crude prices from continuing to rise.
By 0617 GMT, Brent crude for the world benchmark was $ 67.90 a barrel, up 4 cents from the previous close. Brent hit a four-month high of $ 68.69 a barrel the previous day.
West Texas Intermediate crude futures were $ 59.96 a barrel, down two US dollars from the previous settlement price. West Texas crude also hit a peak of 2019 the previous day at $ 60.39.
"The growth of the global economy remains a concern," said Sucrit Vijayakar, director of energy consultancy Trevkata.
Economic growth is slowing across Asia, Europe and North America, potentially affecting fuel consumption.
But this year, oil prices are supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies such as Russia.
Unlike voluntary production cuts, oil prices are receiving a boost from US sanctions against OPEC members Iran and Venezuela.
Iranian crude oil shipments averaged just over 1 million bpd in March, down from 1.3 million bpd in February and from a record peak of 2018 bpd in April.