Supply concerns push oil prices to near eight-year highs

A crude oil tanker is seen at Qingdao Port, Shandong province, China on April 21 2019. Picture: REUTERS/Jason Lee

US West Texas Intermediate crude futures were up 7 US cents, or 0.1%, to stand at $87.03 a barrel, having also shed nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014. However, the flow of crude oil through the Kirkuk-Ceyhan pipeline has resumed, after it was halted on Tuesday due to a blast near the pipeline in the southeastern Turkish province of Kahramanmaras, officials said on Wednesday.

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