UPDATE 4-Oil dips but remains close to late-2014 highs on supply cuts, strong demand [Reuters]
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Source: Reuters
Oil dips but remains close to late-2014 highs on supply cuts, strong demand | Reuters 3 Min Read SINGAPORE (Reuters) - Oil dipped on Friday but stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies. Brent crude oil futures LCOc1 were at $73.62 per barrel at 0547 GMT, down 16 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 20 cents, or 0.3 percent, at $68.09 a barrel. Both Brent and WTI hit their highest levels since November, 2014 on Thursday, at $74.75 and $69.56 per barrel respectively. WTI is set for its second weekly gain, climbing more than 1 percent this week, while Brent is also poised to rise for a second week, adding around 1.5 percent. Traders said Friday’s dips were the result of profit-taking following Thursday’s multi-year highs. Oil prices have been buoyed by a gradually tightening market. Led by top exporter Saudi Ara
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