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Oil economy at its highest level in two years[/size]
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Twilight News
3 hours ago
Oil economy at its highest level in two years[/size]
Twilight News
3 hours ago
Oil prices rose to their highest level since May 2015, as concern about supply risks due to unrest in Iran and another fall in US crude inventories.
The US Energy Information Administration said US commercial oil inventories fell 7.4 million barrels last week, exceeding expectations, with refinery operating rates rising to their highest level since 2005.
The US Energy Information Administration said US commercial oil inventories fell 7.4 million barrels last week, exceeding expectations, with refinery operating rates rising to their highest level since 2005.
Brent crude futures closed up 23 cents, or 0.34 percent, to settle at $ 68.09 a barrel after recording a higher level of $ 68.27 earlier in the session.
US benchmark WTI futures closed up 38 cents, or 0.62 percent, at $ 62.01 a barrel after reaching $ 62.21, the highest level since May 2015.
Output cuts led by OPEC and Russia are helping to reduce global crude stocks, even as US production, which rose last week, rose to 9.78 million bpd.
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