Oil prices are at their highest level since 2014

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Oil prices rose to their highest levels since 2014 supported by a global supply shortfall and strong demand in the United States, the world’s largest consumer.

The rise in prices came ahead of reports on crude and fuel stocks in the United States, which will be issued by the American Petroleum Institute later today and from the US Energy Information Administration tomorrow, Wednesday.

Analysts expect that the latest weekly data for US oil stocks will show an increase of 1.9 million barrels.

The global benchmark Brent crude contracts ended the trading session up 41 cents, or 0.5 percent, to record at settlement $ 86.40 a barrel.

US West Texas Intermediate crude contracts rose 89 cents, or 1.1 percent, to settle at $84.65 a barrel.





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