U.S. oil prices rose above $60 a barrel on the final trading day of the year and hit their highest since mid-2015, as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading.
International benchmark Brent crude futures also rose, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China.
Oil prices closed 2017 with strong gains on signs the global glut that has dogged the market since 2014 is shrinking. Brent is up more than 17 percent since the beginning of the year and U.S. West Texas Intermediate is 12.5 percent higher.
U.S. West Texas Intermediate (WTI) crude futures rose 58, or 1 percent, to $60.42 a barrel, marking its best closing price since June 2015.
Brent crude futures, the international benchmark, were also up, rising 76 cents or 1.2 percent to $66.92 a barrel by 2:25 p.m. ET (1925 GMT). Brent broke through $67 earlier this week for the first time since May 2015.