Brent jumps to the highest level since 2015
Baghdad - Journal News
Brent crude prices closed on Thursday at the highest level since the summer of 2015 as OPEC began work on plans for a strategy to exit the cut-off deal, fueling hopes that the cartel will not abruptly end supply cuts.
Global benchmark crude futures closed up 34 cents, or 0.5 percent, to settle at $ 64.90 a barrel, while US benchmark WTI futures rose 27 cents or 0.5 percent to $ 58.36 a barrel.
That is the highest level of close to Brent since June 2015 and the US military since November 24.
Oil prices have also been supported by a drop in US crude stocks, but gains are being constrained by rapid growth in US oil output, which is close to 10 million bpd, a level surpassed only by Saudi Arabia and Russia.
Oil gained on Thursday after rising nearly 1 percent in the previous session, supported by official data showing a 6.5 million barrel drop in US crude inventories in the week ending December 15 to 436 million barrels, the lowest since October 2015.