Oil hits highest since Sept. on trade hopes, OPEC cuts

Oil rose further above $67 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower US crude inventories, by hopes of an end to the China-US trade dispute and OPEC-led efforts to constrain supply.

The American Petroleum Institute, an oil industry group, said late on Tuesday that US crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.

Brent crude, the global benchmark, reached $67.50 a barrel, the highest since Sept. 17, and as of 0955 GMT was up 22 cents at $67.42. US West Texas Intermediate crude gained 20 cents to $61.31.

“Prices for now are still supported,” said Olivier Jakob, oil analyst at Petromatrix. “It’s difficult to go against that trend during the holiday period.”