Oil prices rose on Thursday, a day after the International Energy Agency forecast the market would continue to tighten as fuel demand increased.
U.S. West Texas Intermdediate crude hit a nearly four-month high at $50.50 a barrel. The contract ended Thursday's trade up 59 cents, or 1.2 percent, at $49.89. WTI popped above its 200-day moving average level on an intraday basis for the first time since Aug. 10.
Benchmark Brent crude topped out at $55.99, the highest level since in five months. It was up 46 cents at $55.62 a barrel by 1:57 p.m. The contract remained in technically overbought territory for a second day in a row.
Brent has now climbed by more than $10 a barrel over the past three months and is close to where it was at the beginning of the year.