This week, WTI broke through $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.
Both contracts were on track to rise about 3 percent this week, which would put them both up for a fifth week in a row.
As a result of e-commerce in London and NY stock exchanges, the world oil prices are rising, Gazeta.ru reports. The cuts started last January and are scheduled to cover all of 2018.
US oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying.
Again, the Energy Information Administration data released on Thursday showing a drop in domestic oil production (to 9.75 million barrels per day last week from 9.79 million bpd the week before) was credited for WTI's strong performance, while traders boosted Brent prices on news that China has issued crude import quotas totaling 121.32 million tons for 44 companies in its first batch of allowances for 2018. Output peaked at 9.6 million bpd in 1970.
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Refiners have profited in recent months as the spread widened between United States crude and Brent futures prices.
Hezbollah's leader said Saudi Arabia had declared war on Lebanon and his Iran-backed group, accusing Riyadh of detaining Saad al-Hariri and forcing him to resign as Lebanon's prime minister to destabilize the country.
Baker Hughes said USA drillers added 9 rigs, bringing the total up to 738.
Large supplies of crude will head to Asia to satisfy strong demand from the region, analysts said.
Countering those cutbacks, U.S. oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation.