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By Henning Gloystein
SINGAPORE (Reuters) – Oil prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela.
U.S. West Texas Intermediate (WTI) crude oil futures pushed through $56 per barrel for the first time this year, hitting $56.13 a barrel before edging back to $56.02 a barrel by 0112 GMT, still up 0.8 percent from their last settlement.
International Brent crude oil futures hit a high of $66.78 per barrel before easing to $66.65 per barrel, up 0.6 percent from their last close.
For both benchmarks, these were their highest levels since Nov. 20, 2018.
The Organization of the Petroleum Exporting Countries (OPEC), as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling more.
Further pushing up crude prices have been U.S. sanctions against oil exporters and OPEC-members Iran and Venezuela.
Traders said financial markets, including crude futures, were also generally supported by hopes that the United States and China would soon resolve their trade disputes, which have dragged on global economic growth.