11.6 C
New York
Friday, December 3, 2021

Oil Surges to Highest Level Since 2014

Oil Surges to Highest Level Since 2014© Reuters. Oil prices surged on Thursday.

Investing.com – Oil prices surged on Thursday, as data showed that U.S. crude and gasoline stockpiles have fallen.

Both Brent and WTI were near their highest levels since November 2014. rose 0.39% to $71.77 a barrel by 4:46 AM ET (8:46 GMT), while futures, the benchmark for oil prices outside the U.S., was up 0.39% to $79.59 a barrel.

The price of oil was supported by data showing that , offsetting fears of a global demand slowdown. According to the latest weekly report from the U.S. Energy Information Administration, U.S. crude inventories fell by 1.4 million barrels in the week to May 11, compared with analyst expectations for a 763,000 barrel decrease.

Meanwhile the International Energy Agency for 2018 down from 1.5 million barrels per day (bpd) to 1.4 million pbd due to the expected increase in prices for the rest of the year.

Looming sanctions against OPEC-member Iran by the U.S. has contributed to rising oil prices and the market is expected to tighten for the rest of the year, the agency said on Wednesday.

Oil prices have jumped over 70% in the last year due to a rise in demand and restricted supply by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC has been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018. While the groups efforts to end a global supply glut have been successful, Saudi Arabia is pushing for the cuts to extend into 2019.

In other energy trading, gasoline futures increased 0.22% at $2.2575 a gallon, while rose 0.52% to $2.2809 a gallon. inched up 0.07% to $2.817 per million British thermal units.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles