Oil climbed to a nine-month high on Thursday after U.S crude stockpiles fell by 3.1 million barrels last week, according to Reuters. The fall in crude inventories was more than expected 1.9 million barrels drop.
- Brent crude futures rose 22 cents at $51.30 a barrel by 1110 GMT, having traded as high as $51.90.
- U.S. West Texas Intermediate (WTI) crude futures increased by 28 cents to $48.10 a barrel, having traded as high as $48.59.
- Oil prices were also supported by progress towards U.S. fiscal stimulus deal and strong Asian demand.
- The U.S. dollar hit a two-and-half low against major rivals on Thursday helping oil since crude oil priced in the greenback becomes cheaper for buyers holding other currencies
- Attention now shifts to whether oil prices will remain high and keep the gains amid the rising coronavirus restrictions which have affected the demand
Oil futures are currently gaining. CL! is up 1.13%