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Oil jumps to the highest level since November 2014
US crude jumped at the end of last week to its highest level since November 2014, supported by OPEC-led production cuts and the possibility of new US sanctions on Iran, as US stockpiles curb price gains.
US President Donald Trump is due to decide whether he will renew or exit the Iranian nuclear deal on May 12 as the European deadline for "reforming" the agreement approaches.
Reports suggest that with the possibility of re-imposing US sanctions on Iran, the stability of its oil production of 2.6 million barrels per day in April, a record high since the lifting of sanctions, will face the danger.
US crude futures for the WTI rose to $ 69.97 a barrel, up 0.3 per cent for the week.
Brent crude <LCOc1> was up $ 74.88 a barrel, or 1.82 per cent, from $ 73.80 earlier in the morning.
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