Oil Prices Close To Mid-2015 Highs, But Doubts Over Further Rises Loom

Oil prices were stable on Wednesday, not far off mid-2015 highs reached the previous session, as strong demand and ongoing efforts led by OPEC and Russia to curb production tightened the market.

US West Texas Intermediate (WTI) crude futures were at $60.40 a barrel at 0141 GMT, up 3 cents from their last close, and not far off the $60.74 June 2015 high reached the previous day.

Brent crude futures - the international benchmark for oil prices - were at $66.55 a barrel, down 2 cents but still not far off the $67.29 May 2015 high from the previous day.

For the whole of 2017, however, Russian output rose to an average output of 10.98 million bpd, compared with 10.96 million bpd in 2016 and 10.72 million bpd in 2015. For More Information About Commodity Services Please Visit : www.paceresearchindia.com and Call : 8817774774