Oil hits 2019-high on OPEC supply cuts, U.S. sanctions on Iran and Venezuela

SINGAPORE, Feb 18 (Reuters) – Oil prices rose to their highest levels in 2019 on Monday, lifted by OPEC-led supply cuts and by U.S. sanctions on Iran and Venezuela.

U.S. West Texas Intermediate (WTI) crude oil futures hit $56 per barrel for the first time this year, before edging back to $55.89 per barrel by 0051 GMT. That was still 0.5-percent above their last settlement.

International Brent crude futures hit a 2019-high of $66.61 per barrel early on Monday before easing to $66.47 per barrel, still up 0.3 percent from their last close.

For both benchmarks, those were their highest levels since November 2018.