2019.04.0907:06:00UTC+00Oil Holds Firm Near Five-month High

Oil prices held firm near a five-month high on Tuesday on expectations that supply would tighten due to violence in Libya, OPEC-led output cuts and U.S. sanctions against Iran and Venezuela.

Global benchmark Brent crude was little changed at $71.09 a barrel, after hitting as high as $71.34 a barrel, the highest level since November. U.S. crude futures were up 0.2 percent at $64.53 a barrel.

Oil prices have jumped around 30 percent in the first quarter this year despite rising concerns over slowing economic growth.

OPEC-led output cuts are expected to stay in place at least June after the oil cartel and its allies scrapped a planned meeting in April.

Oil prices are also getting upward momentum from the U.S. sanctions on oil exporters Iran and Venezuela as well as fresh concerns over the potential squeezing of supply in Libya following the escalation of violence.

On Monday, a warplane attacked Tripoli's only functioning airport as eastern forces advancing on the Libyan capital disregarded international appeals for a truce.

The American Petroleum Institute, an industry group, issues its supply report later today.