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Oil price rises over 2% to 2019 highs on tightening supplies


  • Oil & Gas
  • Saturday, 16 Feb 2019

The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.  U.S. West Texas Intermediate crude futures settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80.  For the week, Brent ended more than 6 percent higher and WTI gained more than 5 percent.

The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November. U.S. West Texas Intermediate crude futures settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80. For the week, Brent ended more than 6 percent higher and WTI gained more than 5 percent.

NEW YORK: Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment.

The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.

Oil & Gas , Markets , Corporate News

   

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