Vanguard gathered that the increase is attributed to the Organisation of Petroleum Exporting Countries, OPEC, lead supply cut, along with the United States sanctions on Venezuela and Iran. US sanctions hit Iranian and Venezuelan crude exports while unrest has curbed Libyan output.
According to crude oil prices movement obtained by Vanguard, Brent crude futures rose by 10 cents to $67.18 after touching a 2019 peak on Wednesday at $67.38, while U.S. West Texas Intermediate crude oil futures were at $57.04 a barrel around 11:05 a.m. ET (1605 GMT), 12 cents below their last settlement. WTI hit a fresh 2019 high of $57.61 earlier in the day.
(Vanguard)
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