Oil prices reach highest point since May 2015, supported by Opec supply cuts
New York — Oil prices edged higher on Tuesday, touching its highest since May 2015, supported by oil cartel Opec-led production cuts and expectations that US crude inventories have dropped for an eighth week. Opec and allies, including Russia, are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. Brent crude was up 18c at $67.96 per barrel by 4.08pm GMT and earlier touched $68.29, its highest since May 2015. US West Texas Intermediate crude (WTI) rose 36c to $62.09 and also reached its highest since May 2015 at $62.56. "We expect oil demand growth to outpace non-Opec supply growth in both 2018 and 2019," Standard Chartered analysts said in a note. "In our view, the back of the Brent and WTI curves are both still under-priced. We do not think that prices below $65 a barrel are sustainable into the medium term." Opec is cutting output by even more than it promised and the restraint is reducing oil stocks glob...
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