Brent oil price tops $71 a barrel for the first time since 2014

Brent oil price rose to $71 a barrel early on Thursday, a level not seen since late 2014.

According to Reuters, the prices were boosted by the weak dollar and falling crude oil inventories in the United States.

Of course, prices have also been supported by the recent decision by OPEC and Russia-led non-OPEC nations to extend production cuts for another year.

Brent reached a high of $71.05 a barrel on Thursday morning, before slipping to $70.99.

According to the U.S. Energy Information Agency, Benchmark North Sea Brent crude oil spot prices averaged $64 per barrel (b) in December 2017, an almost $2/b increase from the November average and the highest monthly average since November 2014.

Brent crude oil prices averaged $54 a barrel in 2017 and are, according to EIA, forecast to average $60/b in 2018 and $61/b in 2019.

West Texas Intermediate (WTI) crude oil spot prices are forecast to average $4/b less than Brent prices in both 2018 and 2019.

Offshore Energy Today Staff