Oil hits 3-month high on OPEC cuts, US sanctions on Iran, Venezuela

SINGAPORE: OilNSE 0.49 % prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and US sanctions on Iran and Venezuela.

US West Texas Intermediate (WTI) crude oil futures pushed through $56 per barrel for the first time this year, hitting $56.13 a barrel before edging back to $56.02 a barrel by 0112 GMT, still up 0.8 per cent from their last settlement.

International Brent crude futures hit a high of $66.78 per barrel before easing to $66.65 per barrel, up 0.6 per cent from their last close.

For both benchmarks, these were their highest levels since Nov. 20, 2018.