Oil prices rise to highest level since November

OPEC's output limit and US sanctions on Iran and Venezuela helped push the oil prices to the highest level since the fall.

Photo: Ritzau Scanpix/AP/Chuck Bennett

Oil prices increase Monday to their highest level since Novembeer. The rise is triggered by OPEC's production cuts as well as the US sanctions on Iran and Venezuela.

A barrel of European reference oil, Brent, cost USD 66.30 per barrel Monday against USD 65.57 on Friday. The US reference oil, WTI, is trading at USD 55.85 per barrel, up from USD 55.30 on Friday.

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