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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