Singapore — Oil prices were stable on Wednesday, but were below the more than three-year highs reached the previous session as rising US fuel inventories and production weighed on an otherwise bullish market. Brent crude oil futures were at $73.89 a barrel at 4.55am GMT, up 3c from their last close but about $1.60 below the November 2014 high of $75.47 a barrel reached the previous day. US West Texas Intermediate (WTI) futures were flat at $67.7 63 a barrel, but off the late-2014 highs of $69.56 a barrel marked earlier in April. Despite Wednesday’s dips, which traders said were also a result of profit-taking after Tuesday’s highs, many analysts say the period of oversupply that started in 2014 has now ended due to supply disruptions and also strong demand. That has been driven by production cuts led by the Organisation of the Petroleum Exporting Countries (Opec) — introduced in 2017 with the aim of propping up the market — as well as by political risk to supplies in the Middle East,...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.