SINGAPORE (Reuters) – Oil prices on Thursday remained near levels last seen in late 2014/2015, with markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.
U.S. West Texas Intermediate (WTI) crude futures were at $61.76 a barrel at 0110 GMT, up 13 cents from their last close and not far off the $61.97 May, 2015 high reached the previous day.
Crude - Futures - Benchmark - Oil - Prices
Brent crude futures – the international benchmark for oil prices – were at $67.82 a barrel, down 2 cents but still not far off the $68.03 May 2015 high from the day before.
Beyond a brief intraday spike in May, 2015, these were the highest crude price levels since December, 2014, at the start of the oil price downturn.
Oil - Rally - Market - Oil - Inventory
“Oil continued its rally overnight … The market is clearly getting more bullish on oil as inventory levels get...
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