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Oil dips away from levels last seen in late 2014, but analysts say market supported

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices eased on Friday after hitting their highest levels since December, 2014 the previous day.Although analysts and traders have been warning of the risks of a downward price correction since the start of the year, they point out that overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.U.S. West Texas Intermediate (WTI) crude futures were at $63.62 a barrel at 0524 GMT - 18 cents, or 0.3 percent, below their last settlement. WTI the day ...

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First Published: Fri, January 12 2018. 11:12 IST