WASHINGTON (dpa-AFX) - Oil prices rose on Friday to hover near a four-month high after oil cartel OPEC said in a report that it continued to slash production in February but at a significantly reduced rate than the previous month.
U.S. sanctions against exporters Venezuela and Iran also created a slight deficit in global supply in the first quarter of 2019.
Global benchmark Brent crude edged up 0.4 percent to $67.52 per barrel while U.S. West Texas Intermediate (WTI) crude oil futures were up 0.35 percent at $58.83 per barrel.
In its monthly oil market report, OPEC said its crude oil production in February decreased by 221,000 barrels per day to 30.459 million barrels per day.
Iraq, Kuwait, Saudi Arabia and Venezuela also reported declines in February production.
Key OPEC members and its allies will be meeting in Baku, Azerbaijan, this weekend to review their output policy. It is expected that the supply-cut agreement will continue for now to tighten markets.
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