SINGAPORE: OilNSE 3.41 % prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC.
US sanctions against oil producers Iran and Venezuela are also boosting crude prices, although traders say the market looks capped by rising American output.
US West Texas Intermediate (WTI) futures were down four cents at $59.05 per barrel at 0026 GMT, close to the 2019 high of $59.23 reached the previous day.
Brent crude oil futures were down six cents at $67.48 per barrel, within a dollar of this year’s high of $68.14 reached late last week.
