World oil prices rose to their highest levels for more than two months today, following falls in US energy reserves and evidence that OPEC has executed a promised cut in output.
In London, Brent North Sea crude climbed 95 cents to $64.02 a barrel after earlier hitting $64.19 - the highest point since September 19. On Wednesday, Brent had shot up by almost $2. New York's main contract gained 49 cents to $62.95. It had earlier struck $63.20 - the highest level since September 29.
The US Department of Energy had revealed on Wednesday that crude oil stocks fell 300,000 barrels to 340.8 million in the week ended November 24 - the first weekly drop for one month. Levels of distillate products, such as heating oil and diesel fuel, fell by one million barrels to 132.8 million over the week. Petrol reserves dipped 600,000 barrels to 201.1 million.
Elsewhere, US consultancy PIRA Energy said on Wednesday said that OPEC crude exports have fallen by 1.28 million barrels per day in the four weeks to November 19, suggesting OPEC is delivering on promised cuts in production.
