Oil price hits 26-month high, nears $59

The global oil benchmark, Brent crude, extended its gains on Monday, rising to its highest level in more than two years.

The sharp increase came on the back of fast-growing demand and Turkey’s threat to Iraqi Kurdistan’s crude exports as the autonomous region holds a referendum on independence. Brent, against which half of the world’s oil is priced, rose by $1.96 to $58.82 per barrel as of 7.10pm Nigerian time, the highest level since July 2015.

It has gained more than 30 per cent since June as global stockpiles have tightened, with demand in industrialised countries expanding alongside emerging markets for the first time in almost a decade.

West Texas Intermediate, the US benchmark, was increased by two per cent to $51.79 per barrel barrel, its highest level since May.

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