Oil prices rose up to 2 percent on Monday, hitting five-month highs on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela. International benchmark Brent futures rose 76 cents, or 1.1 percent, to settle at $71.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained $1.32, or 2.1 percent, to settle at $64.40 a barrel. Brent’s session high of $71.19 a barrel and WTI’s of $64.44 were the highest since November. “This bull continues to run with today’s fresh five-month highs further emboldening the speculative community that has recently been gravitating back into the long side of WTI in assertive fashion,” said Jim Ritterbusch, president of Ritterbusch and Associates, in […]