By Prince Okafor
OIL price in the international market Thursday, rose to $67.2 per barrel, after hitting an all-time high in 2019 on Wednesday at $67.4.
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.
According to OPEC Secretariat calculations, the price of OPEC basket of 14 crudes stood at $65.97 a barrel on Wednesday, compared with $65.79 the previous day,
OPEC had agreed late last year, along with producer allies such as Russia, to cut output by 1.2 million barrels per day to prevent a supply overhang from growing.
Nigeria indicated on Wednesday that it would limit output after its production climbed in January.
A senior energy analyst at Interfax Energy in London, Abhishek Kumar, said: “Willingness of the OPEC and group to adhere with the output cut agreement will remain supportive of oil prices in the run-up to their scheduled April meeting.”
“Sharply declining oil output from Iran and Venezuela will further prompt bullish sentiment in the market.”