Oil Prices Edge Lower, But Hold Near 3-Year Highs
Crude prices edged lower in early dealings on Tuesday, but held near their highest level since late 2014, amid optimism over ongoing efforts by major producers to cut output to reduce a global glut
Brent crude futures, the benchmark for oil prices outside the U.S., were at $69.92 a barrel by 3:25AM ET (0825GMT), down 34 cents, or 0.5%, from their last close. The contract reached $70.37 on Monday, its best level since Dec. 2014.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures tacked on 15 cents, or 0.2%, to $64.44 a barrel. It rose to its highest since Dec. 2014 at $64.89 a day earlier. The U.S. benchmark did not settle on Monday due to the Martin Luther King Day holiday.
Oil prices notched a fourth week of gains in a row last week amid indications that OPEC-led output cuts are draining the market of excess supplies.
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