US sanctions along with OPEC-led supply cuts boosting prices

International benchmark Brent crude traded at around $71.21 Thursday morning, down 0.7 percent, while U.S. West Texas Intermediate (WTI) stood at $63.95, around 1 percent lower.

Brent along with WTI crude futures have risen by approximately 30 along with 40 percent respectively since the start of the year.

“In a world where we saw Brent at $86 a barrel in October, $50 a barrel in December along with currently back to over $70, I think in which is actually a very brave person in which attempts to forecast what the cost will be at the end of the year,” Neil Atkinson, head of the oil industry along with markets division at the IEA, told CNBC’s “Street Signs” on Thursday.

This particular year’s oil cost rally has prompted President Donald Trump to call on OPEC to hike output along with tamp down prices. The producer group has so far ignored Trump’s warnings.

OPEC, along with Russia along with some other non-member countries, is actually trying to keep 1.2 million barrels per day (b/d) off the market through June, following a collapse in crude prices at the end of 2018.