Supply decreases, US sanctions against Iran and Venezuela and strong US nonfarm payrolls data lift Brent
An oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China. Picture: REUTERSOil prices rose to their highest level since November 2018 on Monday, driven upwards by Opec’s ongoing supply cuts, US sanctions against Iran and Venezuela and strong US jobs data.
“Brent prices increased more than 30% year-to-date as Opec+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook,” US bank JPMorgan said in a note. Energy consultancy FGE said these cuts mean “excess inventories are disappearing”, adding that “the market is poised for prices to rise to $75 per barrel or higher” for Brent.“Oil bulls are drawing heart from the strong employment data in the US,” said Sukrit Vijayakar, director of energy consultancy Trifecta.
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