Oil rises on OPEC cuts, US sanctions on Iran and Venezuela
Oil prices rose on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check.
US West Texas Intermediate (WTI) crude oil futures were at $52.50 per barrel at 0102 GMT, up 9 cents, or 0.2 per cent, from their last close. International Brent crude futures were up 18 cents, or 0.3 per cent, at $61.69 per barrel.
