Oil headed for its biggest monthly gain since April 2015 as data showed the OPEC+ coalition's output cuts starting to kick in, while a more dovish Federal Reserve boosted markets and improved the growth outlook.
West Texas Intermediate crude for March delivery rose 38 cents to $54.61 a barrel on the New York Mercantile Exchange at 10:23 a.m. in Singapore. It gained 92 cents on Wednesday to close at $54.23 and is up $9.20 so far in January.
Brent for March settlement, which expires Thursday, was 58 cents higher at $62.23 a barrel on the London-based ICE Futures Europe exchange. The more-active April contract advanced 53 cents to $62.07. The global benchmark crude was at a $7.64 premium to WTI.
Source : Bloomberg