Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970.
U.S. West Texas Intermediate crude for March delivery ended Thursday's session up $1.07, or 1.7 percent, at $65.80 a barrel. The contract rose back above $66 a barrel after the settle at 2:30 p.m. ET and was trading not far from the recent three-year high of $66.66.
Brent crude futures, the international benchmark for oil, rose 76 cents cents, or 1.1 percent, to $69.65 a barrel by the close.
Oil prices are unlikely to advance much above $70 a barrel in 2018, given the tug of war between OPEC and the U.S. shale industry, a Reuters poll showed on Wednesday.
U.S. crude oil production in November surpassed 10 million barrels per day for the first time since 1970, and neared the all-time output record, the Energy Information Administration said on Wednesday.