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Commodity Tips, Crude oil prices near 2015 highs on tight market
Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend. Heading into 2018, traders said market conditions were relatively tight due to ongoing supply cuts led by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as top producer Russia.
US West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0134 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015. Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 this week, the first time since May 2015 this week.Traders said the high prices were a result of a relatively tight market following a year of OPEC and Russian led production cuts, which were started last January and scheduled to cover all of 2018.
Pipeline outages in Libya and the North Sea have also been supporting oil prices. “Given the much stronger price response to supply disruptions in the wake of OPEC supply cuts, the market is poised to make further gains,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. “With geopolitical risk no less sure ahead of Libyan elections next year, we should expect more regional chaos and disorder to underpin oil prices,” he added.
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