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Oil holds gains as markets tighten amid OPEC cuts, Iran sanctions

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the market amid signs of ongoing strong demand.Brent crude futures, the international benchmark for oil prices, were at $78.30 per barrel at 0432 GMT, up 7 cents 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 $71.02 a barrel, up 6 cents and also not far off their Nov. 2014 high of $71.89 a barrel reached last ...

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First Published: Tue, May 15 2018. 10:25 IST