Oil highest since 2014 as Turkey outage adds to tight supply outlook | Reuters

Oil highest since 2014 as Turkey outage adds to tight supply outlook | Reuters

Oil prices rose for a fourth day on Wednesday after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short term supply outlook.

Brent crude futures rose 48 cents, or 0.6%, to $87.99 a barrel at 1245 GMT, adding to a 1.2% jump in the previous session. The benchmark contract touched $89.05, its highest since Oct. 13, 2014.

U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents, or 0.8%, to $86.09 a barrel. WTI earlier jumped to $87.08, its highest since Oct. 9, 2014.

The explosion that set off the fire on the pipeline in the southeastern Turkish province of Kahramanmaras was caused by a falling power pylon, not an attack, a senior security source said. read more