Oil Prices Hit 3-Year High On Draining Inventories

A new optimism is entering the market, with oil prices ending higher on Thursday at what is a nearly 3-year high. WTI was trading at $73.30, up $0.21 (0.29%) on the day. Brent was trading at $75.55, up $0.36 (+0.48%) on the day at 4:22 p.m. EDT. The higher prices are welcomed news for the oil markets, and can largely be attributed to falling U.S. inventories, a rosier oil demand outlook, and a statement made by the U.S. government contradicting Iran’s earlier statement that the U.S. had agreed to lift all sanctions related to Iranian crude…