Oil Dips But Markets Remain Tight Due To Disruptions, Record Demand

U.S. oil prices dipped away from three-and-a-half year highs on Thursday amid high output from Russia, the United States and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline.

U.S. West Texas Intermediate (WTI) crude futures were at $72.54 a barrel at 0253 GMT, down 22 cents, or 0.3 percent from their last settlement. WTI hit its highest since November 2014 at $73.06 per barrel in the previous session.

Brent crude futures were at $77.54 per barrel, down 8 cents from their last close.

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Suhani Verma

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