SYDNEY (Reuters) – U.S. oil prices inched up on Tuesday, buoyed by expectations of tightening global supply amid U.S. sanctions on Venezuela and production cuts led by OPEC.
U.S. West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 0020 GMT, up 16 cents from their last settlement. They closed down 1.3 percent on Monday, after earlier touching their highest since Nov. 21 at $55.75 a barrel.
International - Brent - Crude - Oil - Futures
International Brent crude oil futures had yet to trade, after closing down 0.4 percent in the previous session.
Analysts said that U.S. sanctions on Venezuela had focused market attention on tighter global supplies.
Sanctions - Oil - Transactions - Venezuela - Countries
The sanctions will sharply limit oil transactions between Venezuela and other countries...
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