Crude oil prices hit seven-year highs on supply concerns


Crude oil’s bull run is showing no signs of slowing, as prices surged around 2 percent on Tuesday to their highest levels since October 2014.

As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.13 (+1.27 percent) to reach $87.58 a barrel. The benchmark hit $87.85 a barrel during the session.

On the other hand, the US WTI price reached $85.38 a barrel, up by $1.56 (+1.86 percent). WTI crude futures rose to $85.53 during the early trading. The price for Opec Basket was recorded at $85.46 a barrel with a gain of 0.87 percent, Arab Light was available at $87.62 a barrel with an increase of 1.55 percent and the price .—TLTP

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