An oil pumpjack and a tank with the corporate logo of state oil company PDVSA are seen in an oil facility in Lagunillas International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours. That was also the strongest level since November 2018.US West Texas Intermediate crude futures were at $58.38 per barrel, up 12 cents, or 0.2 percent, from their last settlement, and also close to November 2018 highs reached the previous day.
“Tighter global inventories from OPEC-led supply cuts and ... US sanctions on Venezuelan petroleum products have cemented support for oil prices,” said Benjamin Lu of Singapore-based brokerage Phillip Futures. The Organization of the Petroleum Exporting Countries and some non-aligned producers including Russia have been withholding oil supply since the start of the year to tighten global markets and prop up crude prices.
In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred US companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA. Amid the turmoil, two storage tanks exploded at a heavy-crude upgrading project in eastern Venezuela on Wednesday, according to an oil industry source and a legislator.
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