Stock Market Tips, Oil prices near levels last seen in 2014/15 as market tightens
Brent crude futures - the international benchmark for oil prices - were at $67.82 a barrel, down 2 cents
Oil prices on Thursday remained near levels last seen in late 2014/2015, with markets tightening amid tensions in Iran and due to ongoing OPEC-led production cuts. US West Texas Intermediate (WTI) crude futures were at $61.76 a barrel at 0110 GMT, up 13 cents from their last close and not far off the $61.97 May 2015 high reached the previous day.
Brent crude futures - the international benchmark for oil prices - were at $67.82 a barrel, down 2 cents but still not far off the $68.03 May 2015 high from the day before. Beyond a brief intraday spike in May 2015, these were the highest crude price levels since December 2014, at the start of the oil price downturn.
“Oil continued its rally overnight ... The market is clearly getting more bullish on oil as inventory levels get closer to the five-year average. Geopolitical uncertainty in Iran, OPEC's third-largest producer, is also helping to support the price as citizens are again protesting the government,” said by William O'Loughlin, an investment analyst at Australia' Rivkin Securities.
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