As output falls to 9.75 mbpd, US WTI crude jumps back above $60 per barrel

US oil prices hit their highest since mid-2015 on the final trading day of the year as an unexpected fall in American output and a fall in commercial crude inventories stoked buying. In international markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China. US West Texas Intermediate (WTI) crude futures were at $60.

07 a barrel at 1150 GMT, up 23 cents or 0.4 per cent from their last close, after hitting a June 2015 high of $60.32. Brent.....

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