Photo: ReutersSingapore: Brent crude oil rose for a sixth day on Tuesday to hit its highest since November, 2014 at over $75 a barrel, buoyed by expectations that supplies will tighten just as demand reaches record levels. Brent crude futures marked $75.27 a barrel on Tuesday, their highest since 27 November, 2014. Brent was still at $75.07 a barrel at 0708 GMT (12.38pm), up 36 cents, or 0.5%, from its last close. The potential of renewed US sanctions against Iran is also pushing prices higher. Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA said new sanctions against Tehran “could push oil prices up as much as $5 per barrel”.

Source: Mint April 24, 2018 07:30 UTC