Oil prices are closing at their highest level since 2014


Oil prices rose to their highest levels since 2014 on Tuesday, 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 released from the American Petroleum Institute later today and from the US Energy Information Administration on Wednesday.

Analysts expect the latest weekly data for US oil stocks to 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 a settlement of $86.40 a barrel.

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

Those are the highest closing levels for both benchmarks since October 2014.

Goldman Sachs said a strong rebound in global oil demand could push Brent prices beyond its year-end forecast of $90 a barrel.



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