International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 per cent from their last close.Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel respectively early on Monday.
“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,’’ said Hussein Sayed, Chief Market Strategist at futures brokerage FXTM. U.S. crude exports have also risen, breaking through three million bpd for the first time earlier this year.
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