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U.S. crude hits three-year high as oil prices climb on tighter market

Reuters  |  NEW YORK 

By Devika Krishna KumarNEW YORK (Reuters) - Oil prices edged higher on Tuesday, with U.S. crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week.The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.U.S. West Texas Intermediate crude (WTI) rose 95 cents, or 1.5 percent, to $62.68 a barrel by 12:29 p.m. EST (1729 GMT) after ...

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First Published: Wed, January 10 2018. 01:49 IST
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