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Media IN / Agencies 24 April 2018
Global oil prices continue to climb to their highest level since late 2014, driven by expectations that the United States will resume its sanctions on Iran, and OPEC countries continue to cut supply amid strong demand
Brent crude futures jumped to $ 75.20 in early trade, a level not seen since November 27, 2014.
Brent reached $ 75 at 03:11 GMT, up 29 cents, or 0.4 percent, from its last close.
This is the sixth consecutive session of Brent, the longest rally since a series of gains in December, making it more than 20 percent higher than its 2018 low.
Markets have been hit by a cut in output by the Organization of the Petroleum Exporting Countries (OPEC) since 2017 to support the market, as well as the possible resumption of US sanctions on Tehran.
The cut-off agreement is in effect until the end of 2018. The agreement’s participants are due to discuss extending it at the OPEC meeting in Vienna in June
