Oil prices at highest levels since 2014

Oil prices have hit their highest level since 2014, with benchmark Brent crude moving above $74 a barrel. Brent has risen 11.4% since January.

Analysts point to escalating conflicts in Syria and Yemen, a crisis in Venezuela, and cuts to Saudi Arabian production for driving both Brent and West Texas Intermediate (WTI) to their highest levels since November 2014. On Thursday they traded $74.75 and $69.56 per barrel respectively.

The Organization of the Petroleum Exporting Countries (OPEC) has been cutting crude output by 1.8m barrels per day (bpd) to prop up oil prices since January 2017.

China is importing a record nine million bpd of crude -- almost 10 percent of global consumption -- costing nearly $20bn a month.

- Graphic News & Digital Desk


Related Articles

Shell unveils $25bn share buyback as half-year earnings jump

Oil prices rise as Donald Trump hits out at Iran

Bahrain's largest oil find estimated at 80 billion barrels

Oil price drives up UK trade deficit

More in this Section

Hostelworld shares fall after World Cup and heatwave knock bookings

House of Fraser on London’s Oxford Street saved from closure

Cork cocktail hotspot wins 2018 Bar of the Year

Job growth for professional positions in July


Today's Stories

Doubts Donald Trump’s growth spurt can be sustained

More From The Irish Examiner