Oil slips from three-year highs but has support from shrinking global stocks
New York — Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories. Brent crude futures were at $71.67 a barrel at 3.48pm GMT, down 39c. US West Texas Intermediate (WTI) crude futures were down 13c at $66.68. "The dollar index is the biggest factor in prices today," said Phillip Streible, analyst at RJO Futures in Chicago. The dollar was up 0.3% against a basket of major currencies, making purchases in other currencies more expensive. Oil cartel Opec said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts. The group is producing oil below its targets, meaning the world needs to use stocks to meet rising demand. Opec said in its monthly report that oil stocks in the developed world fell by 17.4-million barrels in February to 2.854-billion barrels, about 43-million barrels above the ...
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