Oil enjoys support of broad market rally

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Brent rises amid Opec-led supply cuts but disruptions in Venezuela threaten to undermine the cartel’s plan to tighten the market

An oil tanker is seen at sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela. REUTERS/ALEXANDRA ULMER

US West Texas Intermediate crude oil futures were at $56.97 a barrel at 12.54am GMT, up 18c, or 0.3%, from their last settlement.“[Despite economic headwinds], we still see Brent prices averaging $70 a barrel this year and expect WTI to lag, averaging $59 a barrel in 2019,” said Bank of America Merrill Lynch.

Oil prices have been receiving broad support this year from supply cuts by oil cartel Opec and non-affiliated allies like Russia aimed at tightening markets.

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