Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since mid-2015, ahead of US oil inventory figures and as the market awaits evidence of Organization of the Petroleum Exporting Countries (Opec) supply reductions in the new year. US benchmark West Texas Intermediate (WTI) crude oil futures were up 26c, or 0.5%, at $54.16 per barrel by 4.22pm GMT, not far from the year’s high of $54.51 reached on December 12. Brent crude futures were up 32c at $56.41 a barrel. The international benchmark hit $57.89 on December 12, its highest since July 2015. Oil prices have gained 25% since mid-November, helped by expectations for Opec’s supply cut and solid US economic figures that have also bolstered equity prices. Trading was thin, with just 189,000 front-month futures contracts changing hands in WTI by 4.07pm GMT, compared with a daily average of 525,000 over the last 200 days. It is expected to remain quiet for the balance of the week. Five an...
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