Brent, WTI Remains Close to Three-Year Highs

Oil prices on Friday 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 stood at $73.74 per barrel, down 4 cents from their last close. US West Texas Intermediate crude futures were down 13 cents at $68.16 a barrel, CNBC reported.

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% this week, while Brent is also poised to rise for a second week, adding around 1.5%. Traders said there had been some profit-taking on Friday following Thursday’s multi-year highs.

There was also some caution after Russia’s energy minister Alexander Novak was reported saying that a group of producers around the Organization of Petroleum Exporting Countries as well as Russia may this year ease output restrictions.

OPEC and its allies have been withholding production since 2017, helping push up prices. The deal to cut is currently scheduled to expire at the end of 2018. After a tepid start in 2017, the supply restraint had by this year started tightening markets.