Brent crude at highest level since November 2014

By Ovunc Kutlu

NEW YORK (AA) – Brent crude reached its highest level Monday since November 2014, as OPEC refused to increase its output that added to supply concerns in the global market.

International benchmark Brent crude rose 2.5 percent to $80.78, after closing at $78.80 Friday.

Thus, the benchmark reached its highest level since Nov. 24, 2014, according to official data.

American benchmark West Texas Intermediate (WTI) rose 2.7 percent to $72.73, its highest level since July 11, 2018, after closing $70.78 Friday.

Despite U.S. President Donald Trump calling on OPEC to lower prices, cartel members and Russia decided Sunday to hold production levels unchanged.

The decision increased worries of investors about potential supply issues in the global market, as U.S. sanctions on Iran and declining output in Venezuela take some of the supply from the market.

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!" Trump wrote on Twitter last week.

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