Oil nears three-year high on output cuts in spite of rising North American drilling
Singapore — Oil prices held just below December 2014 highs on Monday, supported by ongoing output cuts led by oil cartel Opec and Russia despite a rise in US and Canadian drilling activity that points to higher future output in North America. Brent crude futures, the international benchmark for oil prices, were at $69.85 per barrel at 4.12am GMT, down two US cents from their last close. US West Texas Intermediate (WTI) crude futures were at $64.40 a barrel, down 10c. Both benchmarks last week reached levels not seen since December 2014, with Brent touching $70.05 a barrel and WTI as high as $64.77. ANZ bank said on Monday oil prices had recently risen "on the back of data continuing to show the market is tightening". Oil markets have been well supported by production cuts led by oil cartel Opec and Russia, which are aimed at propping up crude prices. The cuts started in January 2017 and are set to last through 2018, and they have coincided with healthy demand growth, pushing up crud...
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