US oil prices hit their highest since mid-2015 on the final trading day of the year as an unexpected fall in American output and a fall in commercial crude inventories stoked buying.
In international markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China, reports Reuters.
US West Texas Intermediate (WTI) crude futures CLc1 were at $60.21 a barrel at 0806 GMT, up 37 cents or 0.6 percent from their last close, after hitting a June 2015 high of $60.32 earlier in the day.
Brent crude futures LCOc1 - the international benchmark - were also up, rising 45 cents or 0.7 per cent to $66.61 a barrel. Brent broke through $67 earlier this week for the first time since May 2015.
Since the start of the year, Brent and WTI have risen by 17 and 12 per cent, respectively, although the price rises from mid-2017 are much stronger, at nearly 50 per cent.
Friday’s WTI price rises were driven by a surprise drop in US oil production C-OUT-T-EIA, which last week dipped to 9.754 million barrels per day (bpd), down from 9.789 million bpd the previous week.
WTI prices were further boosted by a fall in US commercial crude storage levels, which dropped by 4.6 million barrels in the week to Dec. 22 to 431.9 million barrels, according to the EIA.
