Oil prices hit nine-month high after US crude stock draw
Oil prices hit a nine-month high early on Thursday after US 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 per cent, to $51.36 a barrel at 0116 GMT, while US West Texas Intermediate (WTI) crude futures rose by 27 cents, or 0.6 per cent, to $48.09 a barrel. Both benchmarks hit their highest since early March.
US crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Information Administration said. This was more than analysts’ expectations of a 1.9-million-barrel drop, after stockpiles surged in last week’s data.
