Oil prices hit 2019 highs as sanctions against Venezuela, OPEC cuts bite
Oil prices rose to their highest so far this year on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry tightened markets.
International Brent crude oil futures climbed to a 2019 high of $63.37 per barrel around 0800 GMT after already rising by 3 percent the previous session.
U.S. West Texas Intermediate (WTI) futures hit a 2019 high of $55.68 per barrel around the same after already gaining 2.73 percent in the last session.
Higher crude oil prices helped drag Asian refinery margins to their lowest levels since 2010 on Monday, Refinitiv data showed.
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