Oil Arab and international
Economy News Baghdad
Oil prices on Monday hit its highest level since November last year, supported by OPEC-led supply cuts, US sanctions on Iran and Venezuela, and hopes of resolving the US-China trade dispute.
London Brent crude futures rose 38 cents, up 0.6 percent from the previous close, to $ 66.63 a barrel at 0657 GMT. Brent climbed earlier to $ 66.78, its highest level since November 2018.
US WTI crude futures rose 47 cents, or 0.9 percent, to $ 56.06 a barrel. Crude hit its highest level since November at $ 56.13 earlier on Monday.
Prices have received support from tight supplies in the market, given OPEC production cuts and other producers such as Russia. The group agreed late last year to cut output to about 1.2 million bpd to prevent a supply oversupply.
US sanctions on Iran and Venezuela have also supported OPEC members’ crude prices.
Traders said financial markets, including crude futures, have received further support from hopes that the United States and China could resolve their trade dispute soon, which is pressing global economic growth.