Saudi Arabia's Oil Minister Khalid al-Falih listens during a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. (REUTERS/Heinz-Peter Bader)
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Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.Brent crude hit its highest since November 2014 at $81.39 per barrel, up $2.59 or 3.3 percent, before easing to $80.86 by 1:09 p.m. EDT (1705 GMT).JPMorgan said U.S. sanctions on Iran could lead to a loss of 1.5 million barrels per day, while Mercuria warned that as much as 2 million bpd could be knocked out of the market.
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