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Oil reaches multi-year highs despite signs of overheated market

Reuters  |  LONDON 

By Libby GeorgeLONDON (Reuters) - Oil prices hit multi-year highs on Thursday despite warnings that a 13 percent rally since early December was close to running its course. Brent crude futures rose 27 cents to $69.47 a barrel at 1039 GMT, its highest since an intra-day spike in May 2015. U.S. West Texas Intermediate (WTI) crude futures were at $63.94, up 37 cents to their highest since December 2014.Sentiment was boosted by a surprise drop in U.S. production and lower U.S. crude inventories in official data on Wednesday."The undeniable fact is that (U.S.) crude oil inventories are at their ...

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First Published: Thu, January 11 2018. 16:35 IST