Singapore — Oil prices eased on Friday after hitting their highest levels since December 2014 the previous day.Despite the dip, analysts said market fundamentals going into 2018 were strong due to ongoing production cuts led by Opec and Russia that coincide with healthy demand growth.US West Texas Intermediate (WTI) crude futures were at $63.58 a barrel at 1.12am GMT — 22c, or 0.3%, below their last settlement. WTI the day before hit its strongest since late 2014 at $64.77 a barrel.Brent crude futures were at $69.18 a barrel, 8c, or 0.1%, below their last close. Brent also marked a December-2014 high the previous day, at $70.05 a barrel."Opec has acted successfully to reduce the inventory overhang and demand growth remains robust in the short term," said Sanjeev Bahl, analyst at Edison Investment Research in a 2018 outlook.The production cuts started in January last year and are set to last through 2018."There is potential for oil prices to move higher as inventories normalise," Bah...
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