FOX LIVE CRUDE NEWS UPDATE
UPDATE 2-Oil close to late-2014 highs on supply cuts, strong demand
April 20 (Reuters) – Oil prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts as well as strong demand gradually draw down excess supplies.
Brent crude oil futures LCOc1 were at $73.79 per barrel at 0440 GMT, up 1 cent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 down 2 cents at $68.40 a barrel.
Both Brent and WTI hit their highest levels since November 2014 on Thursday, at $74.75 and $69.56 per barrel respectively. WTI is set for its second weekly gain, gaining 1.3 percent this week, while Brent is also poised to rise for a second week, adding 1.6 percent this week.