Crude is near 2015 maximums on tight market

Crude is near 2015 maximums on tight market

On Thursday, crude was steady with trading activity drying up on the eve of the New Year weekend.

Heading into next year, investors told that market conditions were quite tight because of everlasting supply cuts led by OPEC and Russia.

American West Texas Intermediate crude futures hit $59.69 a barrel, adding 5 cents from their previous close. Earlier this week WTI had overleapt $60 a barrel – the first such a jump since June 2015.

WTI gained support from the American Petroleum Institute, which reported a 6 million barrel sag in crude inventories to about 432.8 million.

Meanwhile, Brent crude futures reached $66.50 a barrel, soaring 6 cents. Earlier this week this crude benchmark managed to break through $67, which is the first time since May 2015 this week.

Investors told that the high prices were caused by a relatively tight market after a year of OPEC as well as Russia-led production drops that were started last January and supposed to cover all of 2018.

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