Oil climbs to 5-month high on OPEC cuts, U.S. sanctions and Libya fighting GlobeBusiness
Oil prices rose to their highest level since November 2018 on Monday, driven by OPEC supply cuts, U.S. sanctions against Iran and Venezuela and fighting in Libya as well as strong U.S. jobs data.
Brent and WTI both hit their highest since November at $70.83 and $63.53 a barrel, respectively, early on Monday. “OPEC’s ongoing supply cuts and U.S. sanctions on Iran and Venezuela have been the major driver of prices throughout this year,” said Hussein Sayed, chief market strategist at futures brokerage FXTM.
Russia is a reluctant participant in its agreement with OPEC to withhold output and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday.Another key architect of the OPEC-Russia deal, Kirill Dmitriev, the head of Russia’s direct investment fund, said on Monday OPEC and allies should raise output from June. Dmitriev previously said it was too early to pull back from cuts.
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