Oil rises towards $80 on US crude inventory drop, weaker dollar

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Oil prices on Thursday hit their highest since December 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.

Oil prices rallied to a three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories.

International benchmark Brent futures were nudging 71 dollars per barrel, both crude benchmarks are up by almost 60 per cent since the middle of last year.

U.S. West Texas Intermediate crude futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014.

Price support has also been coming from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries and Russia, which started last year and are set to last throughout 2018.

“The Saudi’s and Russians continue to work together to talk the oil…



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