US oil hits three-year high, falls slightly
Oil prices traded lower on Thursday after the commodity reached its highest level in more than three years.
NEW YORK CITY – Oil prices traded lower on Thursday as a rising dollar and climbing interest rates knocked off the commodity from its highest levels in more than three years.
According to CNBC, US West Texas Intermediate crude futures topped out at $69.56/bbl, the highest level since Nov. 28, 2014, when WTI hit $73.56/bbl. The contract settled down 18 cents, or 0.3%, at $68.29. International benchmark Brent crude rose 30 cents to $73.79/bbl.
Earlier on Thursday, crude futures were extending gains from the previous session, which came after the Energy Information Administration reported US crude stockpiles fell by 1.1 MMbbls last week.