2017.12.2902:36:00UTC+00U.S. Oil Prices Rise on Sudden Output Decline

U.S. oil prices reached their highest levels since mid-2015 on the final trading day of 2017 as a sudden decline in American production and a drop in commercial crude inventories fueled buying.

In international markets, Brent crude oil futures also increased, buoyed by ongoing supply reductions by top producers OPEC and Russia as well as solid demand from China.

U.S. West Texas Intermediate crude futures were at $60.30 a barrel, up 46 cents or 0.8 percent from their last close, the highest since June 2015.

Brent crude futures - the international benchmark - were also higher, increasing 45 cents or 0.7 percent to $66.61 a barrel. Brent broke through $67 earlier this week for the first time since May 2015.

Friday's WTI price rises were propelled by a sudden fall in U.S. oil production, which last week dropped to 9.754 million barrels per day, down from 9.789 million bpd the previous week, according to data from the Energy Information Administration.

WTI prices were further boosted by a drop in U.S. commercial crude storage levels, which declined by 4.6 million barrels in the week to Dec. 22 to 431.9 million barrels, according to the EIA.