On Wednesday, crude reached their highest value since 2014 because of everlasting output cuts led by OPEC and healthy demand. However, market experts warned that markets might be overheating.
A broad global market soar, including equities, has also been driving investment right into crude futures.
American West Texas Intermediate crude futures hit $63.47 a barrel, gaining 0.81%, which is above their previous settlement. In early trade they marked a December-2014 maximum of $63.53 per barrel.
Brent crude futures reached $69.19 a barrel, adding 0.54%, which is above their previous close. In late Tuesday trade Brent hit $69.29, which appears to be its strongest outcome since an intra-day soar in May 2015 and also in December 2014.
Trying to back oil prices, in November 2017 the Organization of the Petroleum Exporting Countries along with Russia as well as a group of other producers extended an output cut deal, which should expire in March 2018 to cover all of this year.