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Oil hits highest since mid-2015, then dips

The spread between US crude and Brent hit the narrowest in nearly two weeks

Dmitry Zhdannikov & Devika Krishna Kumar | Reuters  |  London 

Oil prices eased on Tuesday after hitting mid-2015 highs in early trading, as major pipelines in Libya and the UK restarted and US production soared to the highest in more than four decades. It was the first time since January 2014 that the two crude oil benchmarks opened the year above $60 per barrel, buoyed by large anti-government rallies in Iran and ongoing supply cuts led by Opec and Russia. US West Texas Intermediate (WTI) crude futures traded 20 cents lower at around $60.22 a barrel by 11:34 am. In early trading WTI hit $60.74, the highest since June 2015. Brent crude ...

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First Published: Wed, January 03 2018. 02:23 IST