Investing.com – Oil prices were trading within reach of four year highs on Tuesday amid fears over a looming supply crunch after global producers decided against any increase in production despite calls from U.S. President Donald Trump for action to cool prices.
Global benchmark Brent crude futures were up 0.72% at $81.08 a barrel by 08:44 AM ET (12:44 GMT). Prices hit a high of $81.48 on Monday, the most since November 2014.
Crude Oil WTI Futures for November were up 0.46% at $72.42, near Monday’s high of $72.74, the strongest level since the week ended July 8.
Oil has rallied amid worries over Trump’s plans to reduce Iranian crude shipments to zero through sanctions slated for Nov. 4.