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Oil hits $63 a bbl, highest since 2015 on output tightening by Saudi Arabia

US energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016

Reuters  |  Singapore 

Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high-profile arrests. Brent futures, the international benchmark for oil prices were as high as $62.90 per barrel by 0750 GMT on Monday, their highest level since July 2015. This is over 40 per cent above June's 2017 lows. US West Texas Intermediate (WTI) crude rose above $56 per barrel in afternoon trading, also the highest since July 2015, and was at $56.15 at ...

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First Published: Mon, November 06 2017. 13:51 IST
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