Brent crude hit $ 71 a barrel for the first time since 2014 as the dollar continued to fall and US crude stocks fell for the 10th consecutive week, as well as current production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia
Global Brent crude futures hit a session high of $ 71.05 a barrel, the highest since early December 2014, before falling to $ 70.86 a barrel, up 32 cents, or 0.5 percent, from the previous close. According to “Reuters”.
US WTI futures traded at $ 66.35 a barrel, also the highest level since early December 2014, before dropping to $ 66.14 a barrel, up 0.8 percent from the last settlement price.
Prices have been supported by continued OPEC-led production cuts and Russia, the world’s biggest oil producer, and cuts have begun.
Last year and continue until the end of 2018.
Gasoline inventories rose by 3.1 million barrels, compared with an increase of 2.5 million barrels in analysts’ forecasts.
Source: Iraq’s Economic Center