BRENT Oil > $75.2324 Apr 2018 08:38
Brent oil prices hit highest since late 2014 on supply cuts, potential sanctions
International oil prices hit their highest levels since late 2014 on Tuesday, pushed up by expectations of renewed U.S. sanctions against Iran and as OPEC continues withholding supplies amid strong demand.
�Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world�s oil supply,� ANZ bank said on Tuesday.
OPEC�s efforts to tighten markets are being led by top exporter Saudi Arabia, where state-controlled oil firm Saudi Aramco is pushing for higher prices ahead of a partial listing planned for later this year or 2019.
�Oil strength is coming from Saudi Arabia�s recent commitment to get oil back up to between $70 to $80 per barrel as well as inventory levels that are back in the normal range,� said William O�Loughlin, investment analyst at Australia�s Rivkin Securities.
The OPEC supply management and threat of new sanctions come just as demand in Asia, the world�s biggest oil consuming region, hits a fresh record as new and expanded refineries start up from China to Vietnam.