Oil Prices Close at Highest Levels Since 2014

Oil prices rose to their highest levels since 2014 on Tuesday, supported by a global supply shortage and strong demand in the United States, the world's largest consumer. The price increase came ahead of reports on crude and fuel inventories in the United States, which will be released by the American Petroleum Institute later today and by the U.S. Energy Information Administration tomorrow, Wednesday. Analysts expect the latest weekly data on U.S. oil inventories to show an increase of 1.9 million barrels. Brent crude, the global benchmark, ended the trading session up by 41 cents, or 0.5 percent, settling at $86.40 per barrel. West Texas Intermediate (WTI) crude rose by 89 cents, or 1.1 percent, to settle at $84.65 per barrel. These are the highest closing levels for both benchmarks since October 2014. Goldman Sachs stated that a strong recovery in global oil demand could push Brent prices above its year-end forecast of $90 per barrel.