US crude also hit a November 2018 high of $64.79 and was later up $0.06 at $64.46. Oil climbs to 5-month high on OPEC cuts, US sanctions, Libya fighting“Russia already signaled its willingness to raise oil output from June. US sanctions on Iran and Venezuela have deepened the OPEC supply cut and concern has grown this week about the stability of Libyan output. “The oil market is already undersupplied, so if supply from Libya also falls away the supply deficit will become even bigger,” said Carsten Fritsch, oil analyst at Commerzbank. The American Petroleum Institute, an industry group, was due to issue its supply report at 2030 GMT, ahead of Wednesday’s official figures.

Source: The Express Tribune April 09, 2019 14:03 UTC