The price of Brent North Sea crude hit a seven-month high of $69.59 a barrel today on concerns that current oil supplies may be insufficient to meet demand, traders said.
Brent North Sea crude for May delivery later stood at $69.16 per barrel in London electronic deals, up 44 cents from Thursday.
New York's main oil futures contract, light sweet crude for delivery in May, gained five cents to $63.90 per barrel in floor trading. Earlier on Friday it went as high as $64.58.
Inventories of US petrol fell by 5.5 million barrels to 199.7 million in the week to April 6, the US Department of Energy reported on Wednesday.
Analysts had forecast a lighter drop of 1.4 million barrels.
Petrol stockpiles are a crucial focus for the market ahead of the so-called US driving season that starts next month and sees many Americans take to their cars for their holidays.
Meanwhile on Thursday, the International Energy Agency warned that the OPEC oil producers' group might have cut its production too much, with insufficient current output eroding world stock levels.
The 12-member Organisation of Petroleum Exporting Countries decided to cut its production twice at the end of last year to help support prices that were falling at the time.
