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Oil surges to highest since 2014 as global stocks tighten

Reuters  |  LONDON 

By Libby GeorgeLONDON (Reuters) - Oil prices surged to their highest since 2014 on Thursday on tightening global crude stocks and after OPEC members said they would stick with output cuts for now despite gains in Brent to nearly $70 per barrel.Brent crude futures hit $69.88, their highest since December 2014. By 1531 GMT, the contract was trading at $69.70, 50 cents above the last close. U.S. West Texas Intermediate (WTI) crude futures surged to $64.77, also the highest since December 2014, before edging back to $64.42, 85 cents above the last close.Sentiment received a boost from a surprise ...

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First Published: Thu, January 11 2018. 22:57 IST
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