Tag: Highest

Oil Tops $75 Per Barrel, Highest Since 2014

Oil Tops $75 Per Barrel, Highest Since 2014

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Opec-led supply cuts, strong demand lift the oil prices. Oil rose on Tuesday above $75 a barrel to its highest since November 2014, supported by Opec-led production cuts, strong demand and the prospect of renewed US sanctions on Iran. Brent crude, the global benchmark, hit its highest since Opec on November 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016. Oil prices began to recover in 2016 as the Organisation of the Petroleum Exporting Countries (Opec) discussed a return to market management with the help of Russia and other non-members. A supply-cutting deal took effect in January 2017. Brent traded as high as $75.27, gaining for a sixth day, and was up 37 cents at ...