US crude at highest level since 2014

By Ovunc Kutlu

NEW YORK

The price of American benchmark West Texas Intermediate (WTI) on Wednesday hit its highest level since 2014 with Iranian sanctions and a decline in U.S. crude stocks.

WTI climbed 3.6 percent to $73.06 at 1 p.m. EST (1700GMT), marking its highest level since Nov. 28, 2014.

International benchmark Brent crude was trading at $78 at noon EST (1700GMT), its highest level since May 31, gaining around 2 percent.

The sudden jump came after U.S. weekly commercial crude inventories declined 9.9 million barrels last week, much higher than then expected 2.6 million barrels, according to the Energy Information Administration.

Moreover, the U.S. State Department urging allies and companies to stop buying crude oil from Iran by Nov. 4 also put pressure on crude prices.