Oil's trading at the highest level since mid-2015 after WTI breached above $60 a barrel for the first time in more than two years. Brent crude futures-the global benchmark-were also up, rising 45 cents or 0.7% to $66.61 a barrel, CNBC reported.
Nationwide stockpiles fell 4.6 million barrels last week to the lowest level since October 2015, according to the Energy Information Administration Thursday.
Brent crude oil in particular is being supported by ongoing supply cuts by top producers OPEC and Russian Federation as well as strong demand from China.
Kim Kwangrae, a commodities analyst at Samsung Futures Inc.
"The current highs are unsustainable in the short-to-medium term, with prices likely to head back below $60 once we get past January, but for now the season of goodwill appears to be in full swing", stated analysts led by Michael dei-Michei at consultants JBC Energy in Vienna.
U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close.
Specifically, slightly more than half the survey's respondents expect the rig count to continue to climb six months from now, but almost all said oil above $60 will be needed for a substantial increase. Output peaked at 9.6 million bpd in 1970. Inventories excluding the nation's strategic reserve have declined more than 11% in the previous year.
Federal Reserve Bank insists oil must exceed $60 for a boost in US drilling.
Oil continued its revival from the biggest crash in a generation, with prices set for a second annual gain after a year marked by hurricanes, Middle East conflict and the tussle between Opec (Organization of Petroleum Exporting Countries) and USA shale, said a report.
United States oil production, which has risen more than 16 percent since mid-2016, is expected to surpass 10 million bpd next year, some analysts said. While gains were driven by glut-shrinking output cuts by the Organization of Petroleum Exporting Countries and its allies including Russian Federation, geopolitical tensions in the Middle East as well as pipeline disruptions from the North Sea to Canada and Libya have also helped.
They were both rumoured to be seeing other people, but Gomez confirmed in January this year that she was dating The Weeknd. Celebrities are known to jet off to warmer climates for New Years Eve, and for Selena Gomez , it's to Mexico.
Snapchat , which was not immediately available for comment, has struggled to grow beyond its core base of young users. Snapchat users who snap and save can take a stroll down memory lane with the app's new feature, "A Look Back at 2017".
Online gamers have used Twitter to spread word of the prank, which resulted in the man being shot to death on Thursday night. In addition to the 911 call, police also released a brief video of body camera footage from another officer at the scene.
He also said he completed a lie detector test after the election that he argued proved the allegations against him were false. Mr Moore's campaign was deeply wounded by accusations of sexual misconduct involving teenage girls decades ago.
Former soccer star George Weah has been declared victor of Liberia's presidential runoff vote held on December 26. VP Boakai has since conceded defeat and congratulated the former world footballer of the year for his victory.
Holland is now the top relief pitcher available and should ultimately garner a contract worth nearly as much as the one Davis got. Over nine Major League Baseball seasons, primarily with the Tampa Bay Rays and the Kansas City Royals, he has 79 saves.
The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.
Reports said that at atleast three CRPF personnel were injured in militant attack who have been rushed to hospital. Two militants were killed and reports said one more is in the building that was being hit by heavy weapons.
When asked if he believes that is St-Pierre's intent after vacating the middleweight title, White shot down the potential matchup. The UFC's middleweight division will move on in February, when newly crowned champion Whittaker meets Luke Rockhold at UFC 221.
And now, the Israeli government is reporting at least 10 other countries are preparing to make the same decision. In nothern Israel, Kiryat Yam Mayor David Even Tzur plans on naming the city's new park after Trump .
Islamic State claims responsibility for deadly attacks in Kabul
Taliban forces fighting US-led North Atlantic Treaty Organisation forces in Afghanistan have denied any involvement in the attack. Ten people were also killed in a suicide bomb attack near the compound of Afghanistan's intelligence agency in Kabul on Monday.
SAFA hails Weah's election as Liberia president
She led the country from back-to-back civil wars and saw it through a deadly Ebola outbreak that killed almost 5,000 Liberians. Vice President Joseph Boakai conceded Friday, congratulating the ex-soccer star.
Iranians protest against high prices in Mashhad
A message calling for "No to high prices" protests was circulated recently on Telegram, he wrote in another tweet. Openly political protests are rare in Iran, where security services are omnipresent.
Meghan Markle's half-sister lashes out
Meghan Markle's half-sister is hitting back at comments Prince Harry made about her family during a radio interview this week. Our dad is wonderful and completely self sacrificing. "She has a large family".
Powerball, Mega Millions jackpots surpass $300 million
Wednesday's Powerball Jackpot was the 17th largest in the lottery's history, with the largest being $1.586 billion. A combined estimated $690-million is up for grabs with this weekend's Powerball and Mega Millions jackpots.
More Than 40 Dead And Dozens Injured After Bombing In Kabul
Wahid Mujro, spokesman for the public health ministry, says the toll is at 41 killed and 84 wounded. "There were two explosions". Afghan president Ashraf Ghani has called the attack on a Shiite Muslim cultural center in Kabul a "crime against humanity".
Daughter of police victim declared brain dead
Eric Garner was killed by a New York City police officer accused of using an unjustified and unlawful chokehold. The chokehold Eric was put in by officer Daniel Pantaleo lasted anywhere from 15 to 19 seconds.