You are here: Home » Reuters » News
Business Standard

U.S. crude hits three-year high as prices climb in tight market

Reuters  |  NEW YORK 

By Devika Krishna KumarNEW YORK (Reuters) - Oil prices edged higher on Tuesday, with U.S. crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week in a row.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.U.S. West Texas Intermediate (WTI) crude rose $1.23, or 2 percent, to settle at $62.96 a barrel after touching its highest ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, January 10 2018. 06:56 IST
RECOMMENDED FOR YOU