2017.12.2802:40:00UTC+00Oil Prices Near 2015 Highs Amid Tight Market Conditions

Oil prices held firm near 2015 highs on Thursday while trading activity remains light ahead of the New Year weekend.

U.S. West Texas Intermediate crude futures were at $59.69 a barrel, higher by 5 cents from their previous settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.

WTI acquired support from a report by the American Petroleum Institute showing a 6 million barrel decline in crude oil inventories to 432.8 million.

Brent crude futures were at $66.50 a barrel, higher by 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week.

Heading into 2018, traders said market conditions were relatively tight due to ongoing supply reductions led by the Middle East-dominated Organization of the Petroleum Exporting Countries, as well as top producer Russia.

Pipeline outages in Libya and the North Sea have also been bolstering oil prices. Nearly 100,000 barrels per day in oil supplies were disrupted in Libya this week after an attack on a pipeline. In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month as a result of a crack.