United States light crude CLc1 was 15 cents higher at $67.69, CNBC reported.
In January Brent crude hit $70 a barrel for the first time since December 2014. This helped offset declines in Venezuela, where production is declining due to the economic crisis, and Iran, as buyers walked away ahead of the USA sanctions.
US crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.
Weaker quiz in Organization for Economic Cooperation and Pattern (OECD) individuals in Europe and Asia, as effectively as higher gas prices within the USA, place some downward stress on the tempo of quiz yelp, while shakiness in emerging markets over alternate disputes and weakened currencies pose a risk to quiz outlook for 2019. The OECD also said that America's oil demand is set to post strong growth for 2018.
"Iran is increasingly becoming the preoccupation of the crude market".
"We are entering a very crucial period for the oil market".
The bullish weekly report sent crude futures higher, with global benchmark Brent rising more than $1 a barrel in the session to a high of $80.13 a barrel.
Death toll rises to 7 as Florence pours on the rain
In the town of New Bern, homes were completely surrounded by water, and rescuers had to use inflatable boats to reach people. In South Carolina , a 62-year-old woman died when her auto hit a tree that had fallen across a road in the town of Union.
US Energy Secretary Rick Perry met Saudi Energy Minister Khalid al-Falih on Monday in Washington, as the Trump administration encourages big oil-producing countries to keep output high.
West Texas Intermediate for October delivery traded at $69.91 a barrel on the New York Mercantile Exchange, down 46 cents, at 11:53am in Singapore. Increased volumes from Nigeria and Saudi Arabia as effectively as elevated production in Libya and Iraq served to outweigh these drops.
Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the USA sanctions against Iran. As Florence moves closer to the southeastern coast of the USA, the storm appears likely to strengthen, forecasters said.
Things are tightening up, the agency said in its monthly report, but added: As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar raising the cost of imported energy..
"Hence, world oil demand growth is now pegged at 1.62 Mmbpd for 2018, with total global consumption at 98.82 Mmbpd", it said.
Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed. The U.S., Saudi Arabia and Russian Federation are now the world's three largest oil producers, accounting for about a third of global crude oil output.
Oil traders were also watching the progress of category 4 Hurricane Florence, which is expected to make landfall on the U.S. East Coast by Friday.