Oil Rises on Venezuela and Iran Concerns

Oil prices rose to their highest levels since late-2014 on Monday, boosted by fresh troubles for Venezuelan oil company PDVSA and a looming decision on whether the United States will re-impose sanctions on Iran.

Brent crude oil futures were at $75.78 a barrel at 1236 GMT, up 91 cents from their last close. Earlier in the session they touched their highest since November 2014 at $75.91.

West Texas Intermediate graph

U.S. West Texas Intermediate (WTI) crude futures rose 85 cents to $70.57, the first time since November 2014 that WTI had climbed above $70.

China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record high, touching $72.54 on Monday.

via Reuters