Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.
International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 per cent from their last close.
U.S. West Texas Intermediate (WTI) crude was up 30 cents, or 0.5 per cent, at $63.39 per barrel.
Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel respectively early on Monday.
To prop up prices, OPEC and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.
“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,’’ said Hussein Sayed, Chief Market…
