U.S. oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crud inventories, stoked buying.
In international markets, Brent crude oil futures were also up supported by ongoing supply cuts by top producers OPEC and Russia.
U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close. The rise saw WTI hitting its highest level
since June 2015 on the final trading day of 2017.
Brent crude futures - the international benchmark for oil prices - were also up, rising 33 cents or 0.5 percent to $66.49 a barrel. Brent broke through $67 earlier this week for the
first time since May 2015.
The price rises were driven by a surprise drop in U.S. oil production, which last week
dipped to 9.754 million barrels per day (bpd), down from 9.789 million bpd the previous
week, according to data from the Energy Information Administration (EIA) released late on
Thursday.
TIME CURRENCY PARTICULAR FORECAST PREVIOUS
8:30 AM USD Unemployment
Claims
240K 245K
10:30 AM USD Natural Gas
Storage
-115B -182B
11:00 AM USD Crude Oil
Inventories
-3.9M -6.5M
In international markets, Brent crude oil futures were also up supported by ongoing supply cuts by top producers OPEC and Russia.
U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close. The rise saw WTI hitting its highest level
since June 2015 on the final trading day of 2017.
Brent crude futures - the international benchmark for oil prices - were also up, rising 33 cents or 0.5 percent to $66.49 a barrel. Brent broke through $67 earlier this week for the
first time since May 2015.
The price rises were driven by a surprise drop in U.S. oil production, which last week
dipped to 9.754 million barrels per day (bpd), down from 9.789 million bpd the previous
week, according to data from the Energy Information Administration (EIA) released late on
Thursday.
TIME CURRENCY PARTICULAR FORECAST PREVIOUS
8:30 AM USD Unemployment
Claims
240K 245K
10:30 AM USD Natural Gas
Storage
-115B -182B
11:00 AM USD Crude Oil
Inventories
-3.9M -6.5M
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