Oil higher

Singapore : U.S. oil prices dropped away from three-and-a-half year highs on Thursday amid high output from Russia, the United States and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline.

U.S. West Texas Intermediate (WTI) crude futures were at $72.42 a barrel at 0639 GMT, down 34 cents, or 0.5 percent, from their last settlement.

WTI hit its highest since November 2014 at $73.06 per barrel in the previous session.

Brent crude futures were at $77.40 per barrel, down 22 cents, or 0.3 percent, from their last close.

Oil prices have been rallying for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC).