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

Oil falls 1.6% on output in US

Tullow Oil targets significant ramp-up in production

US and China trade talks boost oil price

Pressure mounting on Irish oil industry to show its worth

More in this Section

KYRAN FITZGERALD: Construction skills shortage is the new elephant in the room

JOHN WHELAN: Trade talks offer glimmer of hope for Irish exporters

PETER BROWN: The true market feeling on Brexit...is boredom

Helping with 'digital detox' has become a viable business


Lifestyle

The more you spend on entertaining a small child, the less likely they are to enjoy it

Untying the Knot: How to divorce with love

Appliance of science: Why does my voice sound so different when recorded?

Let’s hear it for the girls: New book celebrate Cork's Scoil Mhuire

More From The Irish Examiner