Oil firm as OPEC, Russia resist calls to raise output as Iran sanctions loom
Updated : September 25, 2018 08:02:19 IST
Oil markets have been driven up by looming US sanctions against Iran and an unwillingness or inability by Middle East dominated producer cartel OPEC and Russia to raise output.
Brent crude futures were at $81.39 per barrel at 0042 GMT, up by 19 cents, or 0.2 percent from their last close. This was not far off the November 2014 high of $81.48 a barrel reached the previous day.
The United States from November will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.