Oil surges on threat to Venezuela’s state-owned fuel firm and Iran worries
New York — Oil prices rose to their highest levels since late 2014 on Monday, boosted by the latest troubles for Venezuelan oil company PDVSA and a looming decision on whether the US will re-impose sanctions on Iran. Brent crude oil futures were at $75.81 a barrel at 2.20pm GMT), up 94 US cents. At the session high, they touched their peak since November 2014 at $75.91. US West Texas Intermediate (WTI) crude futures rose 69c to $70.40, the first time since November 2014 that WTI had climbed above $70. China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record high, touching $72.54. US oil major ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2bn arbitration award, three sources told Reuters. The move could deal a further blow to the company’s declining oil output and exports. "If ConocoPhillips is successful, then it will limit the revenues PDVSA will have and give them even more problems paying their bil...
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