Oil Prices Hit Nine-Month High After U.S. Crude Stock Draw

• Oil hit a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.
• Brent crude futures rose 45 cents, or 0.9%, to $51.53 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 46 cents, or nearly 1%, to $48.28 a barrel. Both benchmarks hit their highest since early March.
• U.S crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Information Administration said, more than analysts' expectations of a 1.9-million-barrel drop.
• Also boosting oil prices, U.S. lawmakers edged closer to an agreement on a $900Bn virus-relief spending package on Wednesday with top Democrats and Republicans sounding more positive than they have in months about getting something done.

(Source: Reuters)