Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Oil Prices Hit Highest Since 2014 as Analysts Warn of Overheated Market

Atheer – External Sources

Oil prices hit their highest levels since 2014 on Wednesday, as a result of ongoing production cuts led by OPEC, as well as healthy demand. Analysts have cautioned however that markets may be overheating.

According to Reuters, broad global market rally, including stocks, has also been fueling investment into crude oil futures.
U.S. West Texas Intermediate (WTI) crude futures were at $63.47 per barrel at 0405 GMT, 51 cents, or 0.81 percent, above their last settlement. Brent crude futures were at $69.19 per barrel, 37 cents, or 0.54 percent, above their last close. Brent touched $69.29 in late Tuesday trading, which was its strongest since an intra-day spike in May 2015 and before that, in December 2014.
“The extension of the OPEC agreement … and declining inventories are all helping to drive the price higher,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.
In an effort to prop up prices, OPEC together with Russia and a group of other producers extended an output cut deal last November, due to expire in March this year to cover all of 2018. The cuts, which have mostly targeted Europe and North America, were aimed at reducing a global supply overhang that had dogged oil markets since 2014.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button