2019.02.2106:10:00UTC+00Oil Holds Firm Near 2019 Highs

Oil prices held near 2019 highs on Thursday, with OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran offering support.

Global benchmark Brent crude futures eased by 4 cents or 0.1 percent to $67.03 a barrel after hitting a 2019 high on Wednesday at $67.38.

U.S. West Texas Intermediate (WTI) crude oil futures were up 0.3 percent at $57.34 a barrel.

Oil prices have risen by more than 20 percent so far this year as evidence of productions cuts helped offset investor worries over soaring U.S. production and expectations of an economic slowdown.

Late last year, OPEC and its de fecto leader Saudi Arabia, along with producer allies such as Russia, agreed to cut output by 1.2 million barrels per day (bpd) in a bid to tighten markets.

OPEC member Nigeria signaled on Wednesday that it would limit output in order to attract higher prices in the global market.

Investors expect global oil inventories to start depleting soon, mainly due to falling OPEC production.

A surge in U.S. supply is keeping oil prices from rising even further. A weekly report by the American Petroleum Institute revealed on Wednesday that U.S. crude oil stocks rose by 1.3 million barrels to 448.5 million barrels in the week to Feb. 15.

Official oil inventory and production data is due from the U.S. Energy Information Administration later in the day.