Oil prices rose to five-month highs on Monday, driven up by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela and healthy U.S. jobs data.
Brent and WTI both hit their highest levels since November last year at $70.76 and $63.48 per barrel, respectively, early on Monday. Russia is a reluctant participant in its agreement with OPEC to withhold output, and Russian oil production may increase again if a deal with the producer club is not extended once it expires before July 1, Energy Minister Alexander Novak said on Friday.
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