Oil up

Singapore : Oil prices edged higher with the United States crude touching its highest since December 2014, supported by Organization of the Petroleum Exporting Countries-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week in a row.

The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.

U.S. West Texas Intermediate (WTI) crude rose $1.23, or 2 percent, to settle at $62.96 a barrel after touching its highest since December 2014 at $63.24.

Brent crude ended the session up $1.04, or 1.5 percent, at $68.82 per barrel after hitting a session high of $69.08, its highest since May 2015. Both contracts had their strongest close since December 2014.