Oil tops $75 on supply cuts

London : Oil rose above $75 a barrel yesterday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran.

Brent crude, the global benchmark, rose to its highest level since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016.

Oil prices began to recover in 2016 as OPEC discussed a return to market management with the help of Russia and other non-members. A supply-cutting deal started in January 2017 and has been deepened by a steep output drop in Venezuela.

Brent LCOc1 traded as high as $75.27, gaining for a sixth day, and was up 4 cents at $74.75 by 1315 GMT. U.S. crude CLc1 rose 3 cents to $68.67, having hit its highest since Nov. 28, 2014 on Thursday.