Oil Price reaches highest since 2015
Written by Morenike Adebayo on January 4, 2018
Oil price today rose further above sixty-eight Dollars a barrel to the highest since May 2015. The rise is supported by cold weather in the U.S, boosting demand, OPEC-led output cuts and unrest in Iran that raised concerns about supply risks.
Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.
Brent crude, the international benchmark, was unchanged at as high as sixty-eight dollars twenty-seven cents. U.S. crude rose twenty cents to sixty-one dollars, eighty-three cents and also touched the highest since May 2015.
Aside from the change in May 2015, oil is trading at its highest since December 2014 – the month in which OPEC decided to stop cutting output, a move that deepened price collapse.