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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Highest Since 2014 as Turkey Outage Adds to Tight Supply Outlook

Turkey United States Iraq Texas
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo

Oil prices rose for a fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook.

Brent crude futures rose 39 cents, or 0.5%, to $87.90 a barrel at 0740 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05 earlier in the session, its highest since Oct. 13, 2014.

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