FOX CRUDE OIL LIVE NEWS UPDATE

UPDATE 2-Oil near late-2014 highs as Saudi backs higher prices, U.S. crude stocks decline

April 19 (Reuters) – Oil prices rose on Thursday to their highest since the end of 2014 as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.

Brent crude oil futures LCOc1 rose to as much as $74.02 a barrel, the highest since Nov. 27, 2014, and were at $73.93 per barrel at 0514 GMT, up 45 cents, or 0.6 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 38 cents, or 0.6 percent, at $68.85 a barrel. WTI earlier rose to as much as $68.95, its strongest since Dec. 2, 2014. rally is due to the stock data last night and risk premiums from geopolitical tensions in the Middle East over the last few weeks, but these risk premiums are quite short-lived and investors will likely be normalizing prices lower again as the tensions ease,” said OCBC analyst Barnabas Gan.

“I think oil prices are a little elevated in the short-term and we would need to have clear signs for improvement in fundamentals,” Gan said, adding the market will be looking for cues from a meeting of oil producers on Friday

The Organization of the Petroleum Exporting Countries (OPEC) and its partners in a supply reduction pact will meet in Jeddah, Saudi Arabia, on April 20. OPEC will then meet on June 22 to review its oil production policy.

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