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Oil rises above $68 to highest since May 2015 on tighter market

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.Brent crude, the international benchmark, was up 35 cents at $68.13 a barrel at 1412 GMT and earlier touched $68.29, its highest since May 2015. U.S. crude rose 47 ...

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First Published: Tue, January 09 2018. 20:42 IST
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