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, ONA reports 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.