Oil prices hit nine-month high after U.S. crude stock draw

SINGAPORE: Oil NSE 0.52 % prices hit a nine-month high early on Thursday after U.S. government data showed that crude stockpiles fell last week and on optimism over a coronavirus relief package in the United States.

Brent crude futures rose by 28 cents, or 0.6%, to $51.36 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose by 27 cents, or 0.6%, to $48.09 a barrel. Both benchmarks hit their highest since early March.