Oil prices hit their highest levels in more than three years on Thursday despite warnings that a 13-percent rally since early December was close to running its course.
Brent crude futures rose 44 cents to $69.64 a barrel by 10:12 a.m. ET (1512 GMT). The contract earlier hit $69.88, its highest since December 4, 2014, the last time Brent was above $70 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were up 87 cents, or 1.4 percent, at $64.44. They topped out at $64.77, a high going back to December 8, 2014.
Sentiment was boosted by a surprise drop in U.S. production and lower U.S. crude inventories in official data on Wednesday.