The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Crude reaches its highest value since May 2015
On Tuesday, crude rallied further above $68 a barrel, hitting its highest value since May 2015, underpinned by OPEC-led output cuts as well as hopes that American crude inventories dived for an eighth week.
The Organization of the Petroleum Exporting Countries along with allies including Russia are keeping supply restrictions in place this year, which is a second year of restraint, just to tame a price-denting glut of crude kept in inventories.
Brent crude soared 9 cents hitting $67.87 a barrel, having touched $68.29 earlier, which is its highest reading since May 2015. American crude tacked on 18 cents trading at $61.91 and also hit its highest value since May 2015.
This week’s supply reports from industry group American Petroleum Institute as well as the US government's Energy Information Administration are supposed to demonstrate that American .crude stocks edged down by 4.1 million barrels, which is an eighth losing week.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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