By Henning Gloystein SINGAPORE (Reuters) – Oil prices rose to five-month highs on Monday, driven up by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela and healthy U.S. jobs data. International benchmark Brent futures were at $70.69 per barrel at 0047 GMT on Monday, up 35 cents, or 0.5 percent from their last close. U.S. West Texas Intermediate (WTI) crude were up 35 cents, or 0.6 percent, at $63.43 per barrel. Brent and WTI both hit their highest levels since November last year at $70.76 and $63.48 per barrel, respectively, early on Monday. “Brent prices increased more than 30 percent year-to-date as OPEC+ continued to cut supply for 4 months in a row and optimism over U.S.-China trade talks helped to buoy the demand outlook,” U.S. bank J.P.Morgan said in a note released over the weekend. Traders said strong U.S. jobs data from Friday also helped lift Asian markets early on Monday. Energy consultancy FGE said OPEC-led supply cuts meant “excess inventories are disappearing and the market looks healthy,” adding that “the market is poised for prices to rise to $75 per barrel or higher” for Brent. Oil prices have also been driven up by U.S. sanctions against… Read full this story
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