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Oil Hits November 2018 Highs Amid OPEC Supply Cuts, U.S. Sanctions


Monday, 8 April 2019 08:41 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices rose to five-month highs on Monday, driven up by OPEC's ongoing supply cuts, U.S. sanctions against Iran and Venezuela and healthy U.S. jobs data.

International benchmark Brent futures were at $70.69 per barrel at 0047 GMT on Monday, up 35 cents, or 0.5 percent from their last close.

U.S. West Texas Intermediate (WTI) crude were up 35 cents, or 0.6 percent, at $63.43 per barrel.

Brent and WTI both hit their highest levels since November last year at $70.76 and $63.48 per barrel, respectively, early on Monday.

Traders said strong U.S. jobs data from Friday also helped lift Asian markets early on Monday.

Oil prices have also been driven up by U.S. sanctions against OPEC-members Iran and Venezuela.

Source : Reuters


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