Chennai: Brent crude prices on Thursday hit the highest level since November due to production fall in Venezuela, supply cut by OPEC and dip in US oil inventories.
Brent prices touched $67.84 a barrel on Thursday and were seen trading at $67.78 later in the session. US West Texas Intermediate (WTI) crude futures were at $58.42 per barrel, close to the November-2018 high of $58.48 per barrel reached on Wednesday.
OPEC and non-OPEC producers like Russia have been withholding oil supply to tighten global markets and prop up crude prices. Further, Venezuela, hit by the US sanctions, saw disruption of oil production.
Meanwhile, a weekly report by the US Energy Information Administra-tion found that US commercial crude oil inventories dropped by 3.9 million barrels last week against analyst expectations for an increase of 2.7 million barrels.