Global oil prices peak to 15 month high amid strong US demand

New York’s main contract, West Texas Intermediate for delivery in August, spiked to US$107.45 a barrel, while Brent North Sea crude for August rallied to US$108.93 a barrel -- reaching a high last seen in early April 2013. Global oil prices hit a 15-month high point, boosted by signs of strengthening demand in United States amid the holiday season and ongoing supply fears linked to violence in Egypt. The EIA said crude-oil stockpiles tumbled by 9.9 million barrels in the week ended July 5. That was more than triple the 2.9-million-barrel drop expected by analysts.
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