SINGAPORE - Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.
International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 percent 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 3 million bpd for the first time earlier this year.
the opec cuts are as big as the extra production of US
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