Oil prices hit their highest level since late 2014 after a surprise draw in US oil tanks suggested Opec-led actions to tighten the market were working. Energy ministers from Russia and Saudi Arabia were due to meet in Jeddah on Friday to discuss what happens when the two-year deal to cut output by 1.8 million barrels per day expires at the end of this year. The threat of supply disruptions also buoyed prices, with US-led airstrikes on Syria last weekend compounding concerns about continued access to regional crude supplies. US President Donald Trump has given Congress and European allies until May to “fix” the 2015 Iran nuclear deal or he threatens to restore sanctions. The uncertainty comes amid falling output in troubled Venezuela. The weekly US Energy Information Administration report pegged commercial crude stocks at 427.6 million barrels on Apr. 13, down 1.1 million bbl from the previous week and against market consensus for a slight build. Traders put the drop down to a surge in exports mainly to China. International benchmark Brent closed at $73.48 per barrel Thursday, up $1.46/bbl on the week and its highest settle since November 2014. US domestic price-pin West Texas Intermediate (WTI) closed at $68.47/bbl for a gain of $1.40/bbl — its strongest showing since December 2014.
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