Singapore — Oil prices hit their highest levels since 2014 on Wednesday, due to ongoing production cuts led by the Opec cartel, as well as healthy demand, although analysts cautioned that markets may be overheating. A broad global market rally, including stocks, has also been fuelling investment into crude oil futures. US West Texas Intermediate (WTI) crude futures were at $63.47 a barrel at 4.05am GMT — up 51c or 0.81% from their last settlement. They marked a December 2014 high of $63.53 a barrel in early trading. Brent crude futures were at $69.19 a barrel, a rise of 37c or 0.54% from their last close. Brent touched $69.29 in late Tuesday trading, its strongest since an intraday 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, the Organisation of the Petroleum...
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