Oil hits three-month high on falling oil stocks, investor optimism - Reuters

Oil hits three-month high on falling oil stocks, investor optimism - Reuters:

Oil prices rose to the fourth consecutive weekly gain on Friday, steadying at three-month highs after new data showed U.S. crude inventories fell far more than expected, while upbeat economic data and optimism over a U.S.-China trade deal fueled a year-end stock market rally.

Brent crude LCOc1 rose 24 cents to settle at $68.16 a barrel, the highest since mid-September. The international benchmark has climbed nearly 27% since the end of 2018.

West Texas Intermediate CLc1 rose 4 cents to settle at $61.72 a barrel, another three-month high. The U.S. benchmark has risen 36% so far this year.

U.S. crude stocks fell by 5.5 million barrels in the week to Dec. 20 to 441.4 million barrels, according to the Energy Information Administration, far exceeding analysts’ expectations of a 1.7 million-barrel drop.