Oil edges higher, holds near 4-month top on supply cuts

SYDNEY, March 14 (Reuters) – Oil prices nudged higher on Thursday to sit just off a four-month high reached in the previous session as investors focused on global production cuts and supply disruptions in Venezuela.

International Brent crude oil futures LCOc1 were at $67.61 a barrel at 0054 GMT, up 6 cents, or 0.1 percent, from their last close. Brent touched $67.76 a barrel on Wednesday, its highest since Nov. 16.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $58.29 per barrel, up 3 cents, or 0.1 percent, from their last settlement. WTI hit a high of $58.48 a barrel on Wednesday, the highest since Nov. 13.

“OPEC continues to cut output amid ongoing supply issues, while the situation in Venezuela remains bleak,” ANZ Bank said in a research note.

Two storage tanks exploded at a heavy-crude upgrading project in eastern Venezuela on Wednesday, according to an oil industry source and a legislator, while the country’s main oil terminal resumed shipments after a prolonged blackout. crude stocks also fell last week as refineries hiked output, the Energy Information Administration said.

Crude inventories USOILC=ECI fell by 3.9 million barrels in the last week, compared with analysts’ expectations for an increase of 2.7 million barrels.

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