U.S. crude posted its best settle in more than a year on Thursday, bolstered by an upbeat market outlook as OPEC-led supply cuts tightened the market and drained inventories.
U.S. West Texas Intermediate crude ended Thursday's session 24 cents higher at $54.54, the best closing level since July 2, 2015. WTI is almost 30 percent above its 2017-low in June.
Benchmark Brent crude was up 9 cents at $60.58 a barrel by 2:10 p.m. ET (1810 GMT). On Wednesday, Brent reached $61.70, its highest intraday level since July 2015. The contract is up more than a third since its 2017-lows in June.
Gains were capped as some investors booked profits, traders said.
Confidence has been fueled by an effort this year lead by the Organization of the Petroleum Exporting Countries and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets.