Brent crude oil futures LCOc1 were at $73.69 per barrel at 0129 GMT, down 9 cents from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were down 7 cents at $68.22 a barrel.

Led by top exporter Saudi Arabia, the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding production since 2017 to draw down a global supply overhang that had depressed crude prices between 2014 and 2016.

As a result of a gradually tightening market, both Brent and WTI hit their highest levels since November, 2014 earlier this week, at $74.75 and $69.56 per barrel respectively.

Masaim Abdullayev,

“Khalq qazeti”