Oil rose almost a dollar to more than $60 a barrel on Thursday, supported by OPEC supply cuts and a drop in fuel stockpiles in top oil consumer the United States.
OPEC is lowering output and some members have said the group may cut supply further in December. The cutback comes as oil demand is nearing its seasonal peak in the northern hemisphere winter.
"There is rising product demand, rising crude demand and OPEC is cutting output," said Mike Wittner, analyst at investment bank Calyon. "Global demand will get us back to mid-$60s crude by December."
U.S. crude
Gulf members of OPEC said on Wednesday they were fully committed to the 1.2 million barrels per day (bpd) cut agreed from November, but said markets remained oversupplied for now.
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