Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.
U.S. West Texas Intermediate (WTI) futures were at 59.10 dollars per barrel at 0314 GMT, virtually unchanged from their last settlement and close to the 2019 high of 59.23 dollars reached the previous day.
Brent crude oil futures were up 10 cents at 67.64 dollars per barrel, also close to this year’s peak of 68.14 dollars reached late last week.
In China, Shanghai crude futures, launched in March last year, bounced 4.5 per cent from their last close to 467.6 yuan (69.64 dollars) per barrel, also near 2019 highs of 475.7 yuan a barrel reached during a brief spike in February.
In dollar-terms, this pushed Shanghai crude into a premium over Brent.
The Organisation of the Petroleum Exporting Countries (OPEC) on Monday…