Oil rises to highest since November on support from Opec-led cuts
Supply decreases, US sanctions against Iran and Venezuela and strong US nonfarm payrolls data lift Brent
Singapore — Oil prices rose to their highest level since November 2018 on Monday, driven upwards by Opec’s ongoing supply cuts, US sanctions against Iran and Venezuela and strong US jobs data. International benchmark Brent futures were at $70.65 per barrel at 6.41am (SA time) on Monday, up 31c, or 0.4% from their last close. US West Texas Intermediate (WTI) crude were up 31c, or 0.5%, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday. “Brent prices increased more than 30% year-to-date as Opec+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook,” US bank JPMorgan said in a note. To prop up prices, Opec and non-affiliated allies such as Russia, known as Opec+, have pledged to withhold about 1.2-million barrels per day (bpd) of supply in 2019. Energy consultancy FGE said these cuts mean “excess inventories are disappearing”, adding...
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