Oil climbs to highest level since November 2014
Brent rises to fresh highs as a deepening economic crisis in Venezuela threatens the country’s already tumbling oil supply
Singapore — US oil prices rose above $70 a barrel on Monday for the first time since November 2014 while Brent crude prices climbed to fresh highs, as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supply. The concern added to worry over a looming decision on whether the Us will walk away from a deal with Iran and instead re-impose sanctions on Tehran, keeping international oil markets on edge. Brent crude oil futures were at $75.71 a barrel, up 84c, or 1.12% from their last close at 4.16am GMT after climbing to $75.89 a barrel earlier in the session, its highest since November 2014. US West Texas Intermediate (WTI) crude futures rose 0.95% to trade at $70.39 a barrel, up 66c from their last settlement. Analysts warned that the deepening economic crisis in major oil exporter Venezuela threatened to further crimp its production and exports. Shannon Rivkin, investment director of Australia’s Rivkin Securities, said that oil prices had been drive...
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