Crude trades at 3.5-year highs as Brent tops $74

Markets 4/19/2018, 9:00 AM
Crude trades at 3.5-year highs as Brent tops $74

Benchmark oil at ICE Futures Europe held higher on Wednesday, maintaining most of the gains after a surprise weekly drop in inventories, including fuel, in the United States. Prices were just below the highest levels since November 27, 2014, reached in the runup to tomorrow's meeting of the technical committee measuring the compliance with output caps within the Organization of the Petroleum Exporting Countries and the bloc led by Russia.

Market sentiment was also upbeat with reports Saudi Arabia is willing to put in efforts to boost valuations above $80 per barrel or even higher, while the US Federal Reserve has confirmed a strong upward path for the world's biggest economy, bolstering the case for an improvement in growth of demand for crude.

The contract for the delivery of West Texas Intermediate oil in May, expiring today, was 0.43% in the green as of 8:47 am CET, at $68.77 for one barrel, after climbing to $68.94. Brent for settlement in June added 0.5% to change hands for $73.85 per barrel, while earlier it reached $74.02.

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Share:

F WBS-

51.98
Chart for: F WBS 1/19

Brent Crude (...-

60.46
Chart for: F BRN 2/19