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Oil rallies to a 3-year high

Both Brent and West Texas Intermediate surged Monday afternoon, erasing previous losses.

  • Brent was up more than 1.5%, and West Texas Intermediate was up nearly 1% on Monday afternoon.
  • Crude prices had been retreating early Monday, but seemed to reverse on new supply concerns.
  • Follow oil prices in real time here.

Oil

Both Brent and West Texas Intermediate hit three-year highs last week, passing $70 and $68 a barrel respectively, after crude inventories fell much more than expected and reports surfaced that Saudi Arabia is targeting prices as high as $100 per barrel.

Prices dampened early Monday after Iran said OPEC may not extend supply cuts into next year if crude prices keep rising.

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But new reports of falling crude inventories in the US and creeping concerns that President Donald Trump will slap sanctions on Iran propped prices back up.

WTI is up 14% this year while Brent is higher by 12%.

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