The Carlyle Group's Philadelphia Energy Solutions oil refinery in Philadelphia, US. Picture: REUTERS/DAVID M PARROTBrent crude oil prices consolidated above $70 a barrel on Tuesday as supply cuts led by producer club Opec and US sanctions on Iran’s and Venezuela’s fuel exports outweighed concerns about an economic slowdown.
US West Texas Intermediate crude futures were at $59.21 per barrel, up 58c or 1% from their last close on Friday. WTI did not trade on Monday due to a public holiday in the US. Beyond the Opec cuts, US sanctions on petroleum exports from Iran and Venezuela have also tightened markets. President Donald Trump in 2018 withdrew the US from a 2015 international nuclear deal with Iran, and Washington is ratcheting up sanctions seeking to end Iran’s international sales of crude oil and strangle its economy.
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