Oil prices hit a more than two-year high on Monday after major producers said the global market was on its way towards rebalancing, while Turkey threatened to cut oil flows from Iraq's Kurdistan region toward its ports. The November Brent crude futures contract was up $1.51, or 2.5 per cent, at $58.37 a barrel by 11:33 a.m. EDT (1533 GMT), its highest since July, 2015. US West Texas Intermediate crude for November delivery rose $1.02, or 2 per cent, to $51.68 a barrel, close to highs last seen in May. "It's all driven by the idea is that the production cut ...
Oil hits highest since July 2015 as producers say market rebalancing
US West Texas Intermediate crude for November delivery rose $1.02, or 2%, to $51.68 a barrel