Oil rallies to a 3-year high
- Brent was up more than 1.5%, and West Texas Intermediate was up nearly 1% on Monday afternoon.
- Crude prices had been retreating early Monday, but seemed to reverse on new supply concerns.
- Follow oil prices in real time here.
Oil prices rallied to fresh three-year highs on Monday afternoon, erasing previous losses in a volatile day of trading.
Brent, the international benchmark surged 1.6% to $74.91 per barrel at 3:00 p.m. ET. West Texas Intermediate also soared, trading up nearly 1% to $68.88. Those levels haven't been seen since 2014.Both Brent and West Texas Intermediate hit three-year highs last week, passing $70 and $68 a barrel respectively, after crude inventories fell much more than expected and reports surfaced that Saudi Arabia is targeting prices as high as $100 per barrel.
Prices dampened early Monday after Iran said OPEC may not extend supply cuts into next year if crude prices keep rising.
WTI is up 14% this year while Brent is higher by 12%.