Oil Prices Hit Highest Level in Three Years on Geopolitical Tensions

Published January 4th, 2018 - 12:02 GMT
Crude oil prices reach their highest level in the last two and a half years. (AFP)
Crude oil prices reach their highest level in the last two and a half years. (AFP)

The three major indexes on Wall Street closed at record high levels as crude oil prices reached their highest level in the last two and a half years.

The Dow Jones added 98 points to finish the day at 24,922 points. The index climbed to 24,941 points during intra-day trading, nearing the 25,000 points threshold.

The S&P 500 rose 17 points to end trading at 2,713 points. This was the first time in history for the index to close above the 2,700 points mark.

The Nasdaq increased 58 points to close the day at 7,065 points -- a new record high level.

Crude oil prices reached their highest level in the last two and a half years.

International benchmark Brent crude traded at $67.93 per barrel -- its highest level since May 13, 2015.

American benchmark West Texas Intermediate climbed to as high as $61.80 a barrel, reaching its highest level since June 10, 2015.

With rising oil prices, American oil companies also saw their shares increase.

ExxonMobil and ConocoPhillips stock price gained 2 percent and 1.8 percent, respectively.

By Ovunc Kutlu


© Copyright Andolu Ajansi

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