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Oil prices near 2015 highs on tight market

Oil amounts were stable on Thursday with trading activity drying up in the lead of the New Year weekend.

Heading into 2018, traders said make available conditions were relatively tight due to ongoing supply cuts led by the Mean East dominated Organization of the Petroleum Exporting Countries (OPEC), as grammatically as top producer Russia.

U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0134 GMT, up 5 cents from their ultimately settlement. WTI broke through $60 a barrel earlier this week, the primary time since June 2015.

Brent crude futures were at $66.50 a barrel, up 6 cents. Brent flat through $67 this week, the first time since May 2015 this week.

Vendors said the high prices were a result of a relatively tight superstore following a year of OPEC and Russian led production cuts, which were started wear January and scheduled to cover all of 2018.

Pipeline outages in Libya and the North Sea get also been supporting oil prices.

“Given the much stronger outlay response to supply disruptions in the wake of OPEC supply cuts, the call is poised to make further gains,” said Stephen Innes, faculty of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

“With geopolitical chance no less sure ahead of Libyan elections next year, we should have more regional chaos and disorder to underpin oil prices,” he added.

Surrounding 100,000 barrels per day (bpd) in oil supplies were disrupted in Libya this week after an revilement on a pipeline.

In the North Sea, the 450,000 bpd capacity Forties pipeline system was cage in earlier this month due to a crack.

Both pipelines are expected to earnings to normal operations in January, with Forties already in the startup manipulate.

A major factor countering efforts by OPEC and Russia efforts to prop up guerdons is U.S. oil production, which has soared more than 16 percent since mid-2016 and is steadfast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia beget more.

The latest official U.S. production figures are due to be published by the on Thursday.

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