Oil price hits 2019 highs as OPEC cuts supply

SINGAPORE (Reuters) – Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field.

Brent rose as far as $65.10, pushing past the $65 mark for the first time this year, before falling back to $64.77 by 0623 GMT. That was still 0.3 percent above the last close.

The international benchmark for oil prices is at a near 3-month high and set for a 4.5 percent gain for the week.

US West Texas Intermediate (WTI) crude futures were at $54.56 per barrel, up 15 cents, or 0.3 percent, from their last settlement.

Traders said prices were pushed up by the partial closure of Saudi Arabia’s Safaniyah, its biggest offshore oil field with a production capacity of more than 1 million barrels per day (bpd).

The shutdown occurred earlier this week, a source said, and it was not immediately clear when the field would return to full capacity.