Futures added as much as 1.3% in NY to the highest intraday level in nearly three years.
The benchmark North American oil price hit its highest level since 2014 on Wednesday as two new data points came out showing supplies are drawing down, and an OPEC pledge to turn off the taps seems to be working.
The Energy Information Admin is out with its U.S. inventories report at 10:30 am ET. "It still rounds off a really strong year", he said.
It's also interesting to note that crude oil prices have increased by 115% over the last 2 years.
Oil Price Hits Three-Year High
Brent has rallied over 50% since June past year, propelled by geopolitical tensions, supply disruptions and production cuts by the Organization of the Petroleum Exporting Countries.
Responding to the severe crash and deflation in the price of oil in the late 1990s, merger activity helped improve economies and scale of production for these companies and today they control almost 5% of the world's oil and natural gas reserves.
Market participants were awaiting a US decision on whether to extend temporary waivers on sanctions against Iran due on Friday. Analysts had expected output to break the 10m bpd mark.
The rise in price is said to constitute a good omen for the nation's 2018 budget which was based on $45 per barrel and 2.3 million daily oil output.
Eric Clapton reveals he's losing his hearing and suffering from tinnitus
I mean, I am going deaf, I've got migraines, my hands only about work. "I am going to do a show at Hyde Park in July", he says. Clapton added, "I'm hoping that people will come along and see me just because, or maybe more than because I'm a curiosity".
Brent was trading below $30 in early 2016 as a result of a massive supply glut and weaknesses in the world economy. Brent's settlement still represents a three-year closing high.
Meanwhile, West Texas Intermediate gained 0.81 per cent, to Dollars 63.47 per barrel, while Brent crude rose 0.41 per cent at USD 69.10.
WTI light sweet crude oil rose 60 cents to USD63.64 a barrel this morning, the highest in more than three years.
The decision is due to be announced Friday if it stands. At least this is what the Iranian Minister of Oil said the other day. Shell's turn-round has been stronger than most, helped by new production and cost synergies from its $50bn acquisition of BG Group, completed past year. "This would, of course, be far better news for United Kingdom motorists". In both 2018 and 2019, EIA expects total global production to be slightly greater than global consumption, with United States production increasing faster than production in any other country, contributing to modest inventory builds.
Supermassive black hole 'double burps' light
Researchers said that they could see this object having meal, nap and belch and repeating these activities. When they smashed together, chunks of matter flew towards J1354-straight towards the greedy black hole.
"For those hoping for an end to the bull market, it's probably a good idea to wait a few days before calling an end to the rally", analysts at TAC Energy said.
Such an outcome will provide a huge upswing in valuation (and share prices) of the likes of Woodside Petroleum Limited (ASX: WPL), Oil Search Limited (ASX: OSH), Santos Ltd (ASX: STO) and Origin Energy Ltd (ASX: ORG).
US wants Norwegians, not Haitian refugees, says Donald Trump
Trump made the remark Thursday during a White House meeting after senators discussed revamping immigration rules. Love called on Trump to apologise to the American people and to the countries he denigrated.