Oil prices rose to their highest level since late 2014 after government data showed U.S. crude stockpiles fell last week and as the market continued to worry about supply disruptions in key fossil fuel-producing nations.
U.S. West Texas Intermediate crude futures ended Wednesday’s session up $1.95, or 2.9 percent at $68.47, the best settle since Dec. 1, 2014. The contract hit an intraday high going back to Dec. 2, 2014.
International benchmark Brent crude oil futures also hit hit a new intraday high going back to November 2014. The contract rose $1.90, or 2.7 percent, to end the session at $73.48 a barrel.
Brent’s settlement marked its best close since Nov. 26, 2014, the day before OPEC refused to take steps to stop a decline in oil prices, sparking a sharp sell-off that ultimately sent oil prices to 12-year lows. […]