2019.03.1906:25:00UTC+00Oil Hovers Near 2019 Highs

Oil prices edged higher on Tuesday to hover close to 2019 highs reached last week, with sentiment supported by OPEC-led supply cuts and the U.S. sanctions against oil producers Iran and Venezuela.

Benchmark Brent crude jumped 0.6 percent to $67.95 per barrel, close to this year's high or $68.14 reached last week. U.S. West Texas Intermediate (WTI) futures were up half a percent at $59.67 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) on Monday scrapped a meeting it has scheduled in April, in order to assess the impact of U.S. sanctions on Iran and Venezuela.

Saudi Energy Minister Khalid al-Falih expressed confidence at a committee meeting in Baku, Azerbajian that OPEC and its non-OPEC partners will reach full conformity with cuts, and even exceed it, in weeks to come.

Inventory levels and oil investments are the main factors guiding the group's action, he told reporters.

API inventory data is due later in the session, while the weekly output and storage data from the Energy Information Administration (EIA) will be published on Wednesday.