Oil gains up to 2% to five-month high as Libyan output threatened

Oil gains up to 2% to five-month high as Libyan output threatened
  • Clock-gray 02:21
  • calendar-gray 09 April 2019

Oil prices rose up to 2 percent on Monday, hitting five-month highs on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela, ONAreports quoting Reuters.

International benchmark Brent futures rose 76 cents, or 1.1 percent, to settle at $71.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained $1.32, or 2.1 percent, to settle at $64.40 a barrel.

Brent’s session high of $71.19 a barrel and WTI’s of $64.44 were the highest since November.

Faiq Mahmudov

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