Oil prices moved little on Wednesday, supported by supply cuts by producer group...
SINGAPORE - Oil prices moved little on Wednesday, supported by supply cuts by producer group OPEC and U.S. sanctions against oil exporters Iran and Venezuela, but pressured by expectations that an economic slowdown could soon dent fuel consumption.
U.S. West Texas Intermediate crude oil futures were at $64.09 per barrel, up 9 cents from their last settlement.Overall, oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries and some non-affiliated producers including Russia, a group known as OPEC+.
The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices, but also sanctions by the United States.
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