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Global benchmark Brent futures traded up 45 cents at
$61.07 a barrel at 0914 GMT, approaching levels around $61.70 a
barrel last seen in July 2015. Brent has risen around 38 percent
since its low in 2017 reached in June.
U.S. West Texas Intermediate (WTI) crude <CLc1> traded at $54.92
a barrel, up 38 cents. WTI is around 31 percent above its 2017
low hit June.
This week's U.S. Energy Information Agency (EIA) report on crude
inventories and exports showed a large draw in U.S. stocks,
showing that market is rebalancing.
"Wednesday's EIA report was bullish so the longs took profit
then but now the uptrend is reasserting itself. Roll-over of the
OPEC/non-OPEC deal looks certain and is also supportive," said
Tamas Varga, senior analyst at London brokerage PVM Oil
Associates.
The Organization of the Petroleum Exporting Countries meets at
the end of November to discuss further action after it agreed
nearly a year ago with Russia and other producers to hold back
1.8 million barrels per day (bpd) of oil supply.
Russia said on Thursday the deal, which is due to expire in
March, could be extended if necessary but that a decision was
not imminent.
While supplies are being withheld, demand is also rising,
especially in China, whose roughly 9 million bpd of imports have
surpassed those of the United States to top the world's crude
importer list.
"China's oil demand growth appears to be accelerating,"
investment bank Jefferies said.
Physical oil prices are also rising. Saudi Aramco, the UAE's
ADNOC and Qatar Petroleum have all raised their crude prices for
Asian buyers, with Aramco's December premium over the average of
the Oman and Dubai benchmarks now at the highest in three years.
(Additional reporting by Henning Gloystein in Singapore; Editing
by Edmund Blair)
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