Oil jumps to highest level since November 2014 as OPEC defies Trump

Trading at $80.1 a barrel

Brent Crude climbed above $80 a barrel to its highest point since November 2014 on Monday after OPEC and its allies refrained from announcing a raise in oil production despite pressure from US President Donald Trump to increase supply.

The Organisation of the Petroleum Exporting Countries (OPEC) along with Russia and other non-OPEC nations met in Algiers on Sunday to discuss the possibility of raising output but ruled out any increase. On the news, Brent Crude rose 2.6% to $80.1 a barrel, the highest level since November 2014, while West Texas Intermediate (WTI) jumped 2.1% to $72.3 a barrel. On 20 September, Trump once again called for Saudi Arabia to increase production, claiming the cartel leader should raise output as the US had helped the country in its struggle against Iran. It is thought the President want...