Oil prices rise globally due to sanctions on Venezuela, Iran and OPEC cuts

BAGHDAD, Oil prices rose today amid OPEC-led supply cuts and US sanctions on crude-exporting from Venezuela and Iran, but price gains were limited by record US crude production and growing commercial fuel stocks.

US West Texas Intermediate crude futures were $ 57.31 a barrel, up nine cents, or 0.8 percent, from the previous settlement.

Brent crude was $ 66.54 a barrel, up 23 cents, or 0.4 percent.

Source: National Iraqi News Agency