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Oil prices hit fresh highs, but worries grow of overheated market

Reuters  |  LONDON 

By Libby GeorgeLONDON (Reuters) - Crude oil prices hit new multi-year highs on Wednesday as OPEC-led production cuts and healthy demand helped to balance the market, but analysts warned of possible overheating. A broad, global market rally, including stocks, has also been fuelling investment into crude oil futures.U.S. West Texas Intermediate (WTI) crude futures were at $63.34 a barrel, up 38 cents, at 1440 GMT. Earlier prices rose to $63.67, the highest since Dec. 9, 2014.Brent crude futures were at $69.02 a barrel, 20 cents above their last close. Brent earlier hit $69.37, the highest since ...

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First Published: Wed, January 10 2018. 20:39 IST
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