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Oil hits highest since November 2018 amid OPEC cuts, U.S. sanctions

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, and strong U.S. jobs data.

International benchmark Brent futures were at $70.65 per barrel at 0441 GMT on Monday, up 31 cents, or 0.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude were up 31 cents, or 0.5 percent, at $63.39 per barrel.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.

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