Brent oil rises to four-year high as sanctions against Iran loom
ANZ bank says ‘the market is eyeing oil prices at $100 per barrel’
Singapore — Brent crude oil prices rose to their highest since November 2014 on Monday ahead of US sanctions against Iran, the third-largest producer in oil cartel Opec, which kick in in November. Benchmark Brent crude oil futures rose to as much as $83.27 a barrel and were at $83.21 at 3.39am GMT, up 48 US cents, or 0.6% from their last close. US West Texas Intermediate (WTI) crude futures were up 32c, or 0.4%, at $73.57 a barrel. WTI prices were supported by a report on Friday of a stagnant rig count in the US, which points to a slowdown in US crude production, which now rivals top producers Russia and Saudi Arabia. Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from November 4. ANZ bank said on Monday that "the market is eyeing oil prices at $100 per barrel". In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on US crude in the week to September 25, data fr...
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