Brent oil prices hit $71 per barrel in the previous market for the first time since 2014 as the green back is still found weak. Crude inventories in the United States was down for 10 straight weeks amid an ongoing supply cuts by the OPEC and Russia.
Brent Crude futures, the international benchmark, hit a session high of $71.05 per barrel before dipping back to $66.26 a level that is still 1 percent higher from its previous close. Both crude benchmark have risen by almost 60 percent since the middle of last year.
In the middle of last year, both WTI and Brent Crude benchmarks have risen by almost 60 percent.
Prices have been supported by supply restrictions that is led by the Organization of the Petroleum Exporting Countries and Russia, which is the world’s biggest oil producer, the cut is set to continue throughout 2018.
U.S. crude inventories was down by 1.1 million barrels in the week to Jan 19 to 411.58 million barrels, this was a report by Energy Information Administration that was released on Thursday.
That is the lowest season level since 2015 and below the five-year average of about 420 million barrels.
In foreign exchange markets, the U.S. dollar hit its lowest level since December 2014 against a basket of other major currencies.