Crude reaches multi-year peaks

Crude reaches multi-year peaks

On Tuesday, crude was hovering at multi-year maximums because unrest in Iran sparked worries over potential supply disruptions in the region, while supply cut efforts by global crude producers kept backing the commodity.

February delivery US West Texas Intermediate crude futures gained 0.23% being worth $60.55 a barrel, which is the highest reading since June 2015.

Additionally, March delivery crude futures rallied 0.16% hitting $66.99 a barrel, which is off an almost three-year maximum of $67.29 demonstrated overnight.

Late on Monday, Iranian protesters dared to attack police stations in their fourth day of demonstrations thus marking the greatest challenge to Iran’s clerical leadership since 2009.

Crude was still backed by output cuts led by OPEC. In December, the oil producers agreed to prolong current crude output cuts until the end of 2018.

Gasoline futures rallied 0.16% being worth $1.789 a gallon, natural gas futures gained 2.10% trading at $3.015 a million British thermal units.

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