Oil Surges to Highest Since 2014 as Global Supply Concerns Mount
- American rig fleet shrinks as crude drillers pause activity
- Brent exceeds $85-a-barrel level for first time since 2014
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Oil jumped to the highest level in nearly four years as a slowdown in American drilling added to concern over supply losses from Iran and Venezuela.
Crude futures gained 2.8 percent in New York on Monday. As U.S. sanctions dissuaded importers from purchasing Iranian oil, President Donald Trump and King Salman bin Abdulaziz of Saudi Arabia discussed efforts to maintain supplies. Meanwhile, the number of rigs drilling for American crude dropped for a second week, signaling a potential slowdown in output growth.