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Oil prices hit highest since 2014, but analysts warn of overheated mkt

Mimi Sabreena 4:05:00 PM Informasi

SINGAPORE (Jan 10): Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.

A broad global market rally, including stocks, has also been fuelling investment into crude oil futures.

U.S. West Texas Intermediate (WTI) crude futures were at US$63.47 a barrel at 0405 GMT — 51 cents or 0.81%, above their last settlement. They marked a December-2014 high of US$63.53 a barrel in early trading.

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