A drilling rig – Wikimedia/DragonoilSINGAPORE - 7 May 2018: Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel.U.S. West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. output will likely rise further this year, towards or past Russia’s 11 million bpd, as its energy firms keep drilling for more.U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.

Source: Egypt Today May 07, 2018 06:56 UTC