mo4ch:>Oil prices spike to 5-month high as military conflict in Libya escalates | Mo4ch News

Global crude prices rose to the highest level since last November on Monday, driven upwards by OPEC’s supply cuts, US sanctions on Iran and Venezuela, and the escalation of fighting in oil-rich Libya.On Monday morning, benchmarks Brent and WTI both hit their highest point for this year so far, at $70.76 and $63.48 a barrel, respectively. Brent futures were trading at $70.71 per barrel as of 9:50am GMT, up 0.5 percent from their last close. US West Texas Intermediate (WTI) crude was trading 0.5 percent higher, at $63.40 per barrel.Also on rt.comSaudi ‘shock therapy’ sends global crude prices to 5-month highs“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,” chief market strategist at futures brokerage FXTM Hussein Sayed told Reuters.“However, the latest boost was received from an escalation of fighting in Libya which is threatening further supply disruption,” he said.Commodities analyst at Kiwoom Securities in …