Crude oil prices extended their gains in early trade on Thursday, heading towards $100 a barrel, increasing investors’ fears high prices would stoke inflation.
Brent crude added 0.4 per cent to trade at $96.98 per barrel, having earlier reached its highest level since November above $97, while US marker West Texas Intermediate gained 0.3 per cent to $93.94 after a weekly US government report indicated that stockpiles at a critical US delivery hub fell further.
Oil prices have risen 35 per cent since June after some of the world’s biggest producers announced a series of supply cuts to last until the end of this year, adding to investors’ concerns over persistent inflation in the US and Europe.
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