[ad_1]
Oil prices hit a record high on Nov. 18, the highest level since last November, supported by OPEC-led bid cuts, US sanctions against Iran and Venezuela and hopes for resolution of the China-China trade dispute, Reuters reported.
Futures contracts on London Brent rose 38 cents, or 0.6% from the previous close, to $ 66.63 per barrel. Brent climbed earlier to $ 66.78, its highest level since November 2018.
US WTI crude futures prices rose 47 cents, or 0.9%, to $ 56.06 a barrel. The crude reached its highest level since November at $ 56.13 earlier Monday.
Prices were supported by limited supplies in the market, due to reduced production of OPEC and other producers such as Russia. The group agreed last year to reduce production to about 1.2 million bpd in order to avoid oversupply.
US sanctions against Iran and Venezuela have also supported crude oil prices for OPEC members.
Traders said that financial markets, including crude futures, had received additional support, in the hope that the US and China could resolve their trade dispute in the near future, factor of global economic growth.
[ad_2]
Source link
