US crude oil rose above $50 a barrel on Tuesday for the first time in more than a month, while Brent crude hit the highest level since April.
Both contracts have risen by more than 19 per cent since June, grinding higher on signs of buoyant demand and the slow drawdown of inventories built up during the three-year old oil glut.
West Texas Intermediate, the US benchmark, received an extra boost on Thursday from an electrical fire at Canadian Natural’s Horizon oil sands project.
While the company said output was not affected, with Horizon already shut down for maintenance, physical markets in North America jumped, helping WTI futures reach a high of $50.07 a barrel.
Brent was up just over 1 per cent hitting a high of $55.74 a barrel by 2:30pm London time, a day after the International Energy Agency said the global oil surplus was shrinking.
“A number of fundamental factors are helping to support oil prices at the moment,” said Fawad Razaqzada, analyst at Forex.com.
“In short, stronger demand and ongoing supply restrictions from the OPEC and Russia are the main reasons for the oil price upsurge.
Both contracts are still down slightly for the year, however, with traders still doubtful supply cuts by Opec will do enough to overshadow a rebound in US oil output this year.
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