Oil prices since November, 2018,  on Monday hit the highest level , pushed up by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions against Iran and Venezuela, escalation of fighting in Libya as well as brisk US payroll data, according to Reuters.

By 8:29 am GMT, global benchmark Brent futures climbed 0.61% to $70.77 per barrel (pb), while US Nymex crude futures rose 0.60% to $63.46 pb.

Both contracts earlier in the day reached $70.76 pb and $63.48 pb, respectively, their highest since last November, Reuters reports.

The recent rally in oil market was fuelled by efforts to withhold around 1.2 million barrels per day (bpd) of supply this year, which were led by the so-called OPEC alliance, which includes other major producers like Russia, in order to clear a market glut.

“OPEC’s ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year,” futures brokerage FXTM chief market strategist Hussein Sayed was quoted by Reuters.

The latest push, however, came from the threat of further supply shortage due to the eruption of fighting in OPEC producer Libya, Sayed said.

Moreover, official US data showing resilient job gains on Friday gave further support to markets on Monday.

Nevertheless, bearish factors that could impact crude market later this year persisted, Reuters said.

Russia, a reluctant partner in the supply-cutting agreement with OPEC, may raise its production if the pact is not extended before it expires on 1 July, as per conveyed by Energy Minister Alexander Novak on Friday.

Russia’s oil production hit a record high of 11.16 million bpd last year.

Moreover, the US oil output hit a global peak of 12.2 million bpd in late last month.

Concerns also remained about the growth of global economy, especially in the event that the US and China fail to clinch a deal to resolve their trade conflict soon.