A combination of supply disruptions earlier in the week and evidence that supplies in the oil market are being reduced has helped to push prices higher headed into 2018.
Frank Schallenberger, head of commodity research at LBBW, said, "Oil demand will be high in 2018, with solid economic growth worldwide".
Lipow said he expected USA crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as US oil exports rise to record levels.
The last week of the year saw futures trading above US$60 a barrel in NY and US$67 in London for the first time since mid-2015, after the two most important oil benchmarks surged more than 40 per cent from their doldrums in June.
EIA data also showed that USA oil production saw its first weekly drop since October, declining by 35,000 a day from a record high the previous week. Brent crude futures were last up 45 cents at $66.62 a barrel at 1932 GMT.
U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016.
This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.
USA crude stocks fell more than expected last week as refineries pushed output to its highest rate for this time of year in almost two decades, the Energy Information Administration said on Thursday. As temperatures have dropped across the USA, analysts said fuel consumption should also rise.
Close An oil pump is seen operating in the Permian Basin near Midland in the U.S. state of Texas
Some surveys predict that U.S. production could hit 10,000,000 bpd in the next few months.
It also was reported that oil reserves in the US decreased last week by 4.61 million barrels to 431.88 million barrels, while analysts forecast a decrease of 4.0 million barrels.
Production disruptions in Libya and Nigeria and a possible renewal of US sanctions on Iran are also likely to support prices in 2018, analysts said.
WTI traded at an average price of about $52 this year.
Production edged lower in the most recent week, dropping to 9.75 million bpd, down from 9.79 million bpd a week earlier.
In global markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.
Libya is to start repairing the pipeline near the Es Sider terminal this weekend, a Libyan oil official said, while the Forties pipeline was already pumping close to normal levels, according to trading sources.
President Akufo-Addo congratulated George Weah for finally winning the election at the second round and commended Mr. He won 38.4% of votes in the first round on 10 October, while his opponent Boakai came second with 28.8%.
Assad's main ally Russian Federation also said on Wednesday the main battle with Islamic State in Syria was over. He said the U.S. military's longer-term objective would be to prevent the return of an "ISIS 2.0".
Preliminary numbers show total holiday sales will exceed RetailNext's initial forecast of a 3.8% increase from past year . Most US retail stocks have tumbled this year as they continued to lose sales to online stores, mainly Amazon.com Inc.
Apple also said it will release a new iOS update that will allow users to see more about the health of their phone's battery. To make amends, Apple will temporarily drop the price of replacement batteries to $29 starting in late January.
SoftBank is scooping up a large chunk of Uber's shares after it opened a tender offer, reports the Wall Street Journal . The deal nevertheless sharply discounts Uber's value, which previous year was estimated at nearly $70 billion.
Moore says that he took the polygraph test after the December 12 election, according to his affidavit, included in the complaint. Senate in Alabama in more than two decades, said he looks forward to working for his constituents in the new year.
In April 2017, the Aadhaar details of 1.4 Mn registered users were made public on the Jharkhand Directorate of Social Security . The social media giant Facebook has landed in the conspiracy soup by asking new users to give their names "as per Aadhaar".
Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store. Adding $89.2 million in equity award , Cook brought home a whopping $ 102 million in 2017, minus compensations.
Amazon will let you return a gift for an Amazon gift card credit and won't tell the gift giver of your return plans. After you take care of the gifts you didn't want, it'll allow for time to enjoy those presents you do like.
USA condemns arrest of anti-government protesters in Iran
In Mashhad, Iran's second most populated city, police confronted the demonstrators with water cannons and tear gas. However, he noted that a call for "No to high prices" protests had been circulated on the messaging app Telegram.
Mayor: 2 dead in shooting, 1 wounded but stable
Officials did not say what business was involved, but the Long Beach Press-Telegram reported it was a law office located at 350 E. Brad Johnson. "Suspect is also believed to be deceased at the scene", the Long Beach police department tweeted.
Davis inks 3-year deal with Rockies
Since he became a full-time reliever in 2014 for the Kansas City Royals , Davis has been one of the best relievers in baseball. The Cubs do have all those young position players, and remember that Davis was acquired in an offseason trade with the Royals.
Gunmen kill 12 in Cairo church
On Palm Sunday in April, terrorists staged an explosion in the main church of the city of Tanta, where about 30 people died. Police inspect the site of an attack on a church in the Helwan district south of Cairo , Egypt December 29, 2017.
Samsung Galaxy S9, Galaxy S9+ pass through the FCC
The company even recalled that Galaxy Note model after reports of its explosions being surfaced worldwide. It looks like there could be a problem with the battery on some Samsung Galaxy Note 8 handsets.
Erica Garner Was Reportedly Declared Brain Dead
An out-of-court settlement in which the city agreed to pay the Garner family $5.9 million was announced in 2015. After a video of Garner's death went viral, activists gathered across the nation to protest police brutality.
The Library of Congress to stop archiving all tweets from 2018
In addition, the Library's normal role is as a curator, preserving information that's thought to be most significant or valuable. But starting on the first of January, the archiving will become selective; only tweets that are deemed newsworthy will be kept.
Sony in Talks For Mad About You Revival Series
As the show's co-creator, Reiser stressed that it was important to him that the show be brought back for a narrative objective . The role of Jamie Buchman was nearly played by Teri Hatcher, who went on to play Lois on Lois and Clark .
Some Disneyland rides halt after power outage
The outage has affected attractions inside two sections of Disneyland, Toon Town and Fantasyland, leaving guests stranded. She said there has been an issue with a transformer, and that teams were working on restoring power.
OH teens face murder charges in I-75 sandbag death
The four teens, ages 13 and 14, were allegedly seen leaving the area of the overpass after the incident, police said. They know right from wrong, and should be charged as adults, she said. "He's gone [and] he's never coming back".