Oil hits 2019 high on OPEC cuts, concerns over demand ease

Brent crude futures slipped 26 cents to settle at US$75.08 a barrel, while U.S. West Texas Intermediate crude futures fell 78 cents, or 1.2 percent, to settle at $65.07 a barrel. Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day, Energy Minister Alexander Novak told reporters, days ahead his visit to Vienna for the related summit. (A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia. - Reuters filepic)

LONDON: Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow.

The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said. A key crude terminal in Venezuela, also under U.S. sanctions, has halted operations again.