Oil Prices Rise on U.S. Stock Draws

12/28/17 05:43 AM EST
By Neanda Salvaterra 

Oil prices rose near two-year highs Thursday after data showed a decline in U.S. crude stocks.

Brent crude, the global oil benchmark, rose 0.4% to $66.65 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.3% at $59.80 a barrel.

Both grades have approached their highest levels since 2015 amid thin trading over the Christmas holiday and ahead of New Year.

Prices were boosted after the American Petroleum Institute on Wednesday said U.S. crude inventories declined by 6 million barrels for the week ended Dec. 22.

The Energy Information Administration will release official data later Thursday.

Crude futures were buoyed earlier in the week by supply disruptions in Libya as well as the ongoing outage of the Forties Pipeline System in the North Sea, which stopped the flow of 450,000 barrels a day.

The pipeline operator Ineos said Tuesday the Forties should be fully operational early in the New Year.

Nymex reformulated gasoline blendstock--the benchmark gasoline contract--fell 0.3% to $1.79 a gallon. ICE gasoil changed hands at $596.50 a metric ton, up $2 from the previous settlement.

Write to Neanda Salvaterra at neanda.salvaterra@wsj.com


(END) Dow Jones Newswires

December 28, 2017 05:43 ET (10:43 GMT)

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