2017.12.1404:56:00UTC+00Oil Prices Rally on Lower U.S. Crude Inventories

Oil markets gained ground on Thursday, after receiving a boost from a fourth consecutive decline in U.S. crude inventories. However, rising production limited prices significantly below the 2015 peaks hit earlier this week.

U.S. WTI crude futures traded at $56.77 per barrel, rising 17 cents or 0.3 cents from their last close. The international benchmark for oil prices, Brent crude futures, stood at $62.84 per barrel, 0.6 percent or 40 cents higher from their last close.

U.S. crude inventories dropped by 5.1 million barrels in the latest week, marking the fourth straight week of decline to 442.99 million barrels, its lowest level since October 2015.

According to traders, reports that OPEC, along with Russia and other non-OPEC producers may be looking to limit production beyond the currently implemented timeframe , which sees the curbs through 2018, also provided support for Brent.

Despite the price increase, Brent was significantly below the June 2015 it hit earlier this week, $65.83 per barrel. The contract hit the said level after the Forties pipeline- which transports a massive amount of North Sea crude- was shuttered for repairs.