Oil rises above $75 a barrel

LONDON, Apr 24 (Reuters): Oil rose on Tuesday above $75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed US sanctions on Iran.

Brent crude, the global benchmark, hit its highest since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016.

Oil prices began to recover in 2016 as the Organisation of the Petroleum Exporting Countries (OPEC) discussed a return to market management with the help of Russia and other non-members. A supply-cutting deal took effect in January 2017.

Brent LCOc1 traded as high as $75.27, gaining for a sixth day, and was up 37 cents at $75.08 by 0845 GMT. US crude CLc1 rose 51 cents to $69.15, having hit its highest since Nov. 28, 2014 on Thursday.

The United States (US) has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against OPEC's third-largest producer, tightening global supplies.

Another report from Moscow adds: As OPEC's efforts to balance the oil market bear fruit, US producers are reaping the benefits - and flooding Europe with a record amount of crude.

Russia paired with the Organisation of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs.

Now, the relatively high prices brought about by that pact, coupled with surging US output, are making it harder to sell Russian, Nigerian and other oil grades in Europe, traders said.

"US oil is on offer everywhere," said a trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing US oil. "It puts local grades under a lot of pressure."