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Crude Oil At Highest Since 2014

Crude oil futures were flat Thursday, holding near 3-year highs as U.S. stocks rallied.

Fears of supply interruptions from the Middle East have eased. President Donald Trump clarified hawkish remarks about the situation in Syria.

"Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my Administration, has done a great job of ridding the region of ISIS. Where is our 'Thank you America?'" Trump tweeted.

Yesterday, the Energy Information Administration (EIA) said crude inventories rose by 3.3 million barrels (bbl) in the week ended April 6, compared with analysts' expectations for a decrease of 189,000 bbl. Rising imports contributed to the glut.

Also, OPEC said output from non-Opec countries including the U.S is "now expected to grow at a faster pace". It predicts growth by more than 1.7 million barrels a day this year, about double its previous forecast.

June WTI oil was up 20 cents, or 0.3%, at $67.02/bbl, the highest since 2014.

by RTTNews Staff Writer

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