Oil edges up amid OPEC cuts, U.S. sanctions on Iran and Venezuela
Oil prices edged up on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although surging U.S. production and concerns over economic growth kept markets in check. U.S. West Texas Intermediate (WTI) crude oil futures were at $52.60 per barrel at 0043 GMT, up 19 cents, or 0.4 percent, from their last close.
Morgan Stanley said the surge in US crude oil output, which tends to be light in quality and which rose by more than 2 million barrels per day (bpd) last year to a record 11.9 million bpd, had resulted in overproduction of gasoline. Image source: Reuters