US oil hits highest price since 2014 on Opec-led supply-cut agreement
London — US oil prices hit their highest since 2014 on Wednesday as oil cartel Opec-led production cuts and healthy demand helped balance the market, but analysts warned of possible over-heating. 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 $63.42 a barrel, up 46c, at 10.24am GMT. Earlier prices rose to $63.57, the highest since December 9 2014. Brent crude futures were at $69.10 a barrel, 28c above their last close. Brent touched $69.29 in late Tuesday trading, the highest since May 2015. "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. Opec, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018. The cuts were aimed at reducing a global supply overhang that had dogg...
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