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 amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
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.
US West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.8%, to $86.07 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to $87.08, its highest since Oct. 9, 2014.
