Oil prices nudged higher on Thursday to sit just off a four-month high reached in the previous session as investors focused on global production cuts and supply disruptions in Venezuela.
International Brent crude oil futures were at $67.61 a barrel at 0054 GMT, up 6 cents, or 0.1 per cent, from their last close. Brent touched $67.76 a barrel on Wednesday, its highest since November 16.
US West Texas Intermediate (WTI) crude futures were at $58.29 per barrel, up 3 cents, or 0.1 per cent, from their last settlement. WTI hit a high of $58.48 a barrel on Wednesday, the highest since November 13.
“OPEC continues to cut output amid ongoing supply issues, while the situation in Venezuela remains bleak,” ANZ Bank said in a research note.