FOX LIVE CRUDE OIL NEWS UPDATE

UPDATE 2-Oil markets firm amid OPEC cuts, Iran sanctions
May 15 (Reuters) – Oil prices were stable on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran threatened to tighten the market amid signs of ongoing strong demand.

Brent crude futures LCOc1 , the international benchmark for oil prices, were at $78.21 per barrel at 0639 GMT, virtually unchanged from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session.

U.S. West Texas Intermediate (WTI) crude futures were at $70.88 a barrel, down 8 cents, though still not far off their Nov. 2014 high of $71.89 a barrel reached last week.

U.S. crude prices are at the steep discount to Brent as a more than 25 percent rise in U.S. crude production to 10.7 million barrels per day has left the American market well supplied. International markets have tightened as the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, has been withholding supplies since 2017 in order to push up oil prices.
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