Oil hit a two-month high close to $64 a barrel on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown. The Organization of the Petroleum Exporting Countries and its allies began a new round of supply cuts in January. These curbs, led by Saudi Arabia, have been compounded by involuntary losses that the Venezuelan sanctions could deepen. Brent crude, the global benchmark, hit $63.63 a barrel, the highest since Dec. 7, and was up 66 cents at $63.41 as of 1040 GMT. U.S. crude hit a 2019 high of $55.75 and was later up 33 cents at $55.59. “You have the sanctions on Venezuela, on […]