2019.03.1406:16:00UTC+00Oil Hits 2019 High Amid Supply Cuts

Oil prices rose on Thursday, with Brent crude futures hitting their highest level so far this year, after data showed a large inventory drawdown.

Ongoing supply cuts led by OPEC as well as the U.S. sanctions against Venezuela and Iran also offered some support.

Global benchmark Brent crude rose 0.15 percent to $67.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading flat at $58.28 per barrel.

The Energy Information Administration said Wednesday that U.S. crude inventories fell by 3.9 million barrels in the week to March 8.

Earlier this week, the American Petroleum Institute reported that U.S. crude stocks had fallen in the previous week.

OPEC has led efforts since the start of the year to withhold around 1.2 million barrels per day (bpd) of supply, in a bid to tighten global markets and prop up prices.

In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages.