US sanctions on Iran, Venezuela also push up crude
Oil prices climbed on Tuesday, pushed up by supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further.
Brent crude oil futures were at $67.48 per barrel at 0747 GMT, up 27 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) futures were at $59.35 per barrel, up 53 cents, or 0.9 per cent, from their last settlement.
Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.
