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Oil hits five-month high above $71 on Libyan supply threat

Oil hit a five-month high above $71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by OPEC cuts and U.S. sanctions on Iran and Venezuela.

Supply curbs led by the Organization of the Petroleum Exporting Countries have underpinned a more than 30 percent rally this year forΒ Brent crude, despite downward pressure from fears of an economic slowdown and weaker demand.

Brent, the global benchmark, rose to $71.34 a barrel, the highest since November, and by 0825 GMT was up 14 cents at $71.24.

U.S. crudeΒ also hit a November 2018 high of $64.77 and was later up 22 cents at $64.62.

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