Oil prices climb as ‘the glut is gone’, with traders eyeing $70 a barrel
New York — Oil prices have hit highs not seen since 2014, with US crude edging closer to $70 a barrel, after oil cartel Opec producers told Reuters the inventory overhang has largely disappeared and as top exporter Saudi Arabia aims to push prices even higher. Traders said speculators continue to bet on further upside, expecting potential supply disruptions and further drawdowns, driven by strong demand. US West Texas Intermediate (WTI) crude futures were up 57c at $69.03 as of 3.25pm GMT, after earlier hitting $69.56, their highest since November 28 2014. More than 530,000 contracts changed hands on CME Group’s New York Mercantile Exchange, compared with a daily average of about 615,000 contracts. Brent crude futures was up 96c to $74.44. The global benchmark touched $74.74 a barrel, its highest since November 27 2014 — the day Opec decided to pump as much as it could to defend market share. Since the outset of the late 2016 agreement to reduce supply, reached by Opec and non-membe...
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