Mubasher: Oil prices on Wednesday hit their highest levels since 2014 ahead of US crude oil inventories data due at 03:00 pm GMT.

By 11:30 pm GMT, Nymex crude futures jumped 0.84%, reaching their three-year high at $63.49 per barrel (pb), while Brent crude grew 0.51% to $69.17 pb.

The rally in prices was driven by production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members, declining inventories, and strong demand in the market.

Analysts expect the Energy Information Administration’s (EIA) report due later in the day to show a decline of 3.5 million barrels in last week’s crude stockpiles.