Oil prices tumbled on Thursday’s gains, but managed to close at their highest level in three years after global benchmark crude breached the Brent crude at $ 70 a barrel on signs of supply shortfall in the United States .

Brent contracts ended the day at 6 cents at $ 69.26 a barrel, after hitting $ 70.05 a barrel, the highest level since November 2014, Reuters reported in its economic release today, despite this, Brent recorded the highest close in three years.

The world benchmark has gained 5 percent since the beginning of the year, continuing a jump from late last year.

US benchmark WTI futures rose 23 cents to settle at $ 63.80 a barrel, the highest level since December 2014.

Oil continues to rise thanks to a steady and substantial decline in world supply, especially in the United States, the world’s largest consumer.

The US Energy Information Administration said on Wednesday that crude stocks in the United States fell by about 5 million barrels last week to reach 419.5 million barrels, and production slowed by about 300,000 bpd.

Prices have also received support from OPEC-Russia production cuts, which are expected to continue until the end of 2018.

Source: National Iraqi News Agency