Oil hits 3-month high on OPEC cuts, US sanctions on Iran, Venezuela
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
Oil prices rose to their highest levels since November last year on Monday, lifted by Organization of the Petroleum Exporting Countries (OPEC)-led supply cuts and United States (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 percent from their last settlement.
