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Oil economy to the highest level in 5 months[/size]
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uters) - Oil prices rose Thursday, pushing the benchmark Brent crude to close at the highest level in five months, after a series of reports predicting oversupply in markets will continue to contract as demand for fuel rises.
Oil economy to the highest level in 5 months[/size]
uters) - Oil prices rose Thursday, pushing the benchmark Brent crude to close at the highest level in five months, after a series of reports predicting oversupply in markets will continue to contract as demand for fuel rises.
Brent futures closed at 31 cents, or 0.6 percent, at $ 55.47 a barrel, the highest close since April 13.
US benchmark West Texas Intermediate crude was up $ 50 a barrel for the first time since May 25, before cutting its gains to 59 cents or 1.2 percent to settle at $ 49.89 a barrel, its highest close since July 31.
Brent crude gained more than $ 10 a barrel in three months to close to early year levels partly due to a weaker dollar.
"With a jump of $ 55 a barrel, Brent is moving back towards the price range it was moving from January to February," said Oliver Jacob, an analyst at Petromatrix Energy Markets Consultancy in Switzerland.
Oil gains came on Wednesday after an International Energy Agency report raised its forecast for world oil demand growth in 2017 to 1.6 million bpd from 1.5 million bpd.
The International Energy Agency (IEA) said the world's oil surplus was shrinking by stronger-than-expected growth in European and US demand as supply from the Organization of the Petroleum Exporting Countries (Opec) and non-OPEC producers declined.
Oil gains this week come despite data indicating a sharp increase in US oil inventories after Hurricane Harvey.
US Energy Information Administration data showed last week's US crude inventories rose by 5.9 million barrels, exceeding expectations.
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