Oil surges

LONDON. - Oil prices rose to their highest levels since late-2014 on Monday, boosted by fresh troubles for Venezuelan oil company

PDVSA and a looming decision on whether the United States will re-impose sanctions on Iran.

Brent crude oil futures were at $75,78 a barrel at 1236 GMT, up 91 cents from their last close. Earlier in the session they touched their highest since November 2014 at $75,91.

US West Texas Intermediate (WTI) crude futures rose 85 cents to $70,57, the first time since November 2014 that WTI had climbed above $70.

China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record high, touching $72,54 on Monday.

US oil major ConocoPhillips has moved to take key Caribbean assets of state-run PDVSA to enforce a $2 billion arbitration award, Reuters reported, potentially dealing a further blow to the Venezualan company’s declining oil output and exports. Venezuela’s output has halved since the early 2000s to 1,5 million barrels per day (bpd), hit by a lack of investment in the South American country’s oil industry. Saudi Arabian Energy Minister Khalid al-Falih, meanwhile, said he was concerned about possible shortages of spare crude oil production capacity. Also boosting prices is the widespread expectation that US President Donald Trump will withdraw from the Iranian nuclear pact. Trump has a May 12 deadline to determine whether to extend sanction waivers.