Oil hit a two-month high near $64 a barrel as OPEC-led supply cuts and U.S. sanctions against Venezuela's oil exports brightened the supply outlook, but prices fell back on uncertainty about prospects for the global economy.
Brent crude oil, the global benchmark, hit $63.63 a barrel, the highest since Dec. 7, before turning negative. Brent slipped 24 cents to $62.51 around 12:45 p.m. ET.
U.S. West Texas Intermediate crude hit a 2019 high of $55.75, its best intraday price since Nov. 21. WTI was last down 94 cents, or 1.7 percent, at $54.32.