Oil prices rose to fresh 5-month highs on Tuesday as markets tightened amid OPEC...
SINGAPORE - Oil prices rose to fresh 5-month highs on Tuesday as markets tightened amid OPEC-led supply cuts, U.S. sanctions against Iran and Venezuela, and escalating violence in Libya.
U.S. West Texas Intermediate crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.53, up 13 cents, or 0.2 percent. Goldman said it expected Brent to average $72.50 per barrel during the second quarter, up from a previous forecast of $65 per barrel. Yet despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said.
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