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Oil prices reach their highest level since 2014, but analysts warn investors to proceed with caution

Oil prices hit their highest level since 2014 early today because of the ongoing cuts led by OPEC members and the robust demand for the commodity. However, analysts warn that the markets may be on the verge of overheating.

U.S. West Texas Intermediate crude futures were seen trading at $63.47 per barrel after climbing by 51 cents or a 0.81. Brent Crude futures were seen trading at $69.19 per barrel, indicating a 37 cent increase, which equals 0.54 percent.

U.S. crude inventories, as stated by the American Petroleum Institute, fell recently by 11.2 million barrels. Currently, crude inventories stand at 416.6 million barrels.

The Dow Jones gains 100 points, while the S&P 500 hits a new record high

The S&P 500 climbed up by 0.1% and was last seen trading at 2751.29. It was the sixth day in a row on which the index closed in the green indicating the longest beginning of the year winning streak since 1964. The Nasdaq Composite also inched higher 0.1% and closed at 7163. The Dow Jones Industrial Average gained 102.80 points or a 0.4% and ended the session at 25385.80.

* The details mentioned above have been partially adopted from third party sources, including websites, and are displayed “AS-IS” Readers should take into account that all the data that appear in this review can change based on the dynamic of global markets. The information provided by the review ought not to be considered as advice or financial guidance nor can it relate to any investor’s personal requirements or investment goals. In addition, the data should not be conceived as any kind of recommendation to trade and / or carry out a transaction and / or deposit funds.