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 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.