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US oil prices hits highest since 2014, worries grow of overheated market

Last November, Opec along with Russia and a group of other producers extended an output-cutting deal to cover all of 2018

Reuters  |  London 

US oil prices hit their highest since 2014 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. US West Texas Intermediate (WTI) crude futures were at $63.42 a barrel, up 46 cents, at 1024 GMT. Earlier prices rose to $63.57, the highest since December 9, 2014. Brent crude futures were at $69.10 a barrel, 28 cents above their last close. Brent touched $69.29 in late Tuesday trading, the ...

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First Published: Wed, January 10 2018. 16:50 IST