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Oil hovers near highest since 2014 as OPEC sees tighter market

Reuters  |  LONDON 

By Libby George and Dmitry ZhdannikovLONDON (Reuters) - Oil prices edged off highs last reached in late 2014 due to rising U.S. stocks but remained well supported by mounting geopolitical tension in the Middle East, shrinking global oil inventories and expectations of a supply cut extension by OPEC.Brent crude futures were at $71.84 a barrel at 1315 GMT on Thursday, down 22 cents from their last close. U.S. WTI crude futures were down 12 cents at $66.70.Both Brent and WTI on Wednesday hit their highest since late 2014 at $73.09 and $67.45 a barrel respectively after Saudi Arabia said it ...

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First Published: Thu, April 12 2018. 18:59 IST