Oil lifts about $75 a barrel, its highest level in three-and-a-half years
London — Oil rose on Tuesday above $75 a barrel to its highest since November 2014, supported by Opec-led production cuts, strong demand and the prospect of renewed US sanctions on Iran. Brent crude, the global benchmark, hit its highest since Opec on November 27 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016. Oil prices began to recover in 2016 as oil cartel Opec discussed a return to market management with the help of Russia and other nonmembers. A supply-cutting deal took effect in January 2017. Brent traded as high as $75.27, gaining for a sixth day, and was up 37 US cents at $75.08 by 8.45am GMT. US crude rose 51c to $69.15, having hit its highest since November 28 2014 on Thursday. The US has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against Opec’s third-largest producer, tightening global supplies. "Currently, all bets are o...
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