Oil prices set for fourth week of gains, with Brent and WIT hitting their highest since 2014
London — Oil prices eased from three-year highs on Friday but were still on track to end the week higher for a fourth week in a row. Brent crude futures traded 15c lower at $69.11 a barrel at 10.11am GMT. The contract broke above $70 a barrel on Thursday for the first time since December 2014. US West Texas Intermediate (WTI) crude futures were at $63.45 a barrel, down 35c. The day before, WTI rose to its strongest since late 2014 at $64.77. "It is remarkable to see that most market analysts believe that prices have rallied too far since consensus forecasts is significantly lower than the current spot prices," Hans van Cleef, senior energy economist at ABN Amro, said in a note. "On the other hand, most investors are still positioned to benefit from further price gains." Analysts and traders warned about the risks of a price correction since the start of 2018, but they say overall market conditions remain strong, mainly due to output cuts led by oil cartel Opec and Russia. In additio...
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