Oil prices hit 3-month high on Opec cuts, US sanctions on Iran, Venezuela

Oil 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.

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