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Mon Apr 8, 2019, 11:54 AM

Oil Hits Five-Month High on OPEC Cuts, U.S. Sanctions and Libya Fighting [View all]

Stephanie Kelly

NEW YORK (Reuters) - Oil prices rose to a five-month high on Monday, driven by expectations for tighter global supply from fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.

FILE PHOTO: Storage tanks are seen at Ecopetrol's Castilla oil rig platform, in Castilla La Nueva, Colombia June 26, 2018. REUTERS/Luisa Gonzalez/File Photo
International benchmark Brent futures gained 56 cents, or 0.8 percent, to $70.90 a barrel by (1448 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.09, or 1.7 percent, to $64.17 a barrel.

Brent and WTI hit their highest since November at $70.99 and $64.39 a barrel, respectively.

Prices extended gains after crude stockpiles at Cushing, Oklahoma, the delivery point for WTI, fell by about 419,000 barrels last week, traders said, citing data from market intelligence firm Genscape.

Investors already were focused on supply during the session as fighting in oil-rich Libya threatened to disrupt exports. Eastern forces were advancing on the country’s capital, disregarding global appeals for a truce.

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https://www.reuters.com/article/us-global-oil/oil-hits-five-month-high-on-opec-cuts-u-s-sanctions-and-libya-fighting-idUSKCN1RK017?feedType=RSS&feedName=businessNews

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RCW2014 Apr 2019 OP
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