The rally for US crude prices is showing no signs of letting up, with a key benchmark touching its highest point since November 2014 on Thursday.
West Texas Intermediate was up 1.3 per cent to $73.70 a barrel, after touching a high of $74.03 earlier in the session, according to Thomson Reuters.
A number of factors have stoked WTI’s rise over the past week, starting with the outcome from the Opec meeting and US authorities’ urging to buyer nations to cut back imports from Iran. Data a day earlier also showed US crude inventories clocking their biggest one-week drop since September 2016.
The gains over the past few days have set WTI on course for its biggest one-week advance since mid-April, Reuters data showed.
While WTI surfs higher on Thursday, Brent, the international benchmark, took a breather. It is little changed at pixel time at $77.62 a barrel. It earlier hit $78.42, its highest point this month.
Source: FT.com
