Oil trades at highest levels since June

Oil prices at both sides of the Atlantic trade at the highest level since June after a report released in US showed oil stockpiles dropped.

At the time of writing, Brent oil was trading around $51.50/barrel. Prices clocked a high of $52.09 levels yesterday. Meanwhile, WTI Oil was trading at $49.50/barrel.

US government report released yesterday showed the fifth unexpected weekly drawdown in US crude inventories. Oil prices have been on the rise Speculation about the Organization of the Petroleum Exporting Countries’ plan to cut production at its meeting next month.

Furthermore, upbeat factory and service sector data in US also added to the bullish momentum in oil prices.