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Brent oil highest since 2014 as OPEC stops short of output hike

The Brent oil price soared above SUD 80 per barrel to its highest level since November 2014 after OPEC and its allies hinted at less urgency to boost crude output.

Photo: Bloomberg

Brent crude climbed above USD 80 a barrel to its highest level since November 2014 after OPEC and its allies signaled less urgency to boost output, despite US pressure to temper prices.

Futures in London rose as much as 2.7 percent. OPEC and its partners gave a tepid response to President Donald Trump's demand that rapid action be taken to reduce prices, saying they would boost output only if customers want more cargoes. Brent could rise to USD 100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to U.S. sanctions, according to Mercuria Energy Group Ltd. and Trafigura Group.

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