KONTAN.CO.ID - SINGAPORE. Brent crude oil prices rose above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on fuel exports from Iran and Venezuela outweighed concerns about an economic slowdown. Front-month Brent crude futures, the international benchmark for oil prices, were at $70.24 at 0602 GMT, up 13 cents, or 0.2%, from the last session's close, when they rose 2.1%. U.S. West Texas Intermediate (WTI) crude futures were at $59.26 per barrel, up 63 cents, or 1.1%, from their last close on Friday. WTI did not trade on Monday due to a U.S. public holiday.
Brent oil rises above $70 as OPEC cuts, US sanctions outweigh trade war worries
KONTAN.CO.ID - SINGAPORE. Brent crude oil prices rose above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on fuel exports from Iran and Venezuela outweighed concerns about an economic slowdown. Front-month Brent crude futures, the international benchmark for oil prices, were at $70.24 at 0602 GMT, up 13 cents, or 0.2%, from the last session's close, when they rose 2.1%. U.S. West Texas Intermediate (WTI) crude futures were at $59.26 per barrel, up 63 cents, or 1.1%, from their last close on Friday. WTI did not trade on Monday due to a U.S. public holiday.