Oil prices looked set Thursday to notch new multiweek highs, as global markets awaited pivotal trade discussions out the Group of 20 leaders summit, Iran issues simmered and the global supply picture took shape.

The move followed a roughly 3% price surge Wednesday for U.S. prices, seen on data showing a weekly drop of nearly 13 million barrels in domestic crude supplies.

In Thursday dealings, August West Texas Intermediate crude added 14 cents, or 0.2%, at $59.52 a barrel. Prices on the New York Mercantile Exchange were on track to log another settlement at the highest for a front-month contract since May 22, according to Dow Jones Market Data. Month to date, prices trade roughly 11% higher.

International benchmark August Brent crude was up 23 cents, or 0.4%, at $66.72 a barrel. It finished a day earlier at $66.49 on ICE Futures Europe—the highest settlement in about a month. The contract expires at the end of Friday’s session.

Source : MarketWatch