American crude prices reach the highest levels since mid-2015

American crude prices reach the highest levels since mid-2015

On Friday, American crude prices reached their highest levels since mid-2015 because a sudden dip in American output as well as a dive in commercial oil inventories stoked buying.

Meanwhile, Brent crude futures rallied too, underpinned by everlasting supply cuts by major producers Russia and OPEC and also sturdy demand from China.

American West Texas Intermediate crude futures hit $60.30 a barrel, gaining 0.8% from their previous close, which is the highest value since June 2015.

Since the beginning of the year, WTI and Brent have ascended by respectively 17% and 12%, although the price jumps from mid-2017 appear to be much stronger, demonstrating 50% leaps.

Since mid-2016 American crude output has risen by nearly 16%, although most experts had expected output to break through 10 million bpd by the end of 2017 - a value only exceeded by key exporter Saudi Arabia and also top producer Russia.

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