Oil has made a rare surge with a nine-month high on Thursday after government data showed a fall in United States crude stockpiles last week, while progress towards a US fiscal stimulus deal and strong Asian demand also buoyed prices.
Brent crude futures rose 45 cents, or 0.9 percent, to $51.53 a barrel at 0436 GMT, while US West Texas Intermediate (WTI) crude futures rose by 46 cents, or nearly one percent, to $48.28 a barrel.
Both benchmarks hit their highest since early March.
“All the headlines have been bullish for oil prices,” said Edward Moya senior market analyst at OANDO in New York.
“US stockpiles posted a larger-than-expected draw, three of India’s refiners are operating almost at 100 percent capacity, indicating crude demand remains strong.
“And it seems the US will continue to deliver a more monetary and fiscal stimulus, sending the dollar lower and most commodities higher.”
Also boosting oil prices, US lawmakers edged closer to the agreement on a $900b virus-relief spending package on Wednesday with top Democrats and Republicans sounding more positive than they have in months about getting something done.