Oil Price Passes $71 For First Time Since 2014
The oil price shot past $71 per barrel on Thursday, January 25 for the first time since late 2014, helped along by OPEC’s supply cuts and ten consecutive weeks of declining U.S. crude oil inventories.Brent crude, the international oil benchmark, opened at $70.95 a barrel on Thursday before rising as high as $71.21, its highest price since December 2014. A barrel of U.S. benchmark West Texas Intermediate (WTI) crude hit $66.52 per barrel on Thursday after opening at $65.88, another threeyear high.Meanwhile, as of Wednesday, the price of OPEC’s basket of fourteen crudes stood at $67.61 a barrel.The steady rise in oil price recently is providing further fiscal relief to the Arabian Gulf countries and Russia, which rely heavily on oil to balance their budgets.
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