Oil rises

Singapore : Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend.

Heading into 2018, traders said market conditions were relatively tight due to ongoing supply cuts led by the Middle East-dominated OPEC, as well as top producer Russia.

U.S. WTI crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.WTI received support from a report by the American Petroleum Institute (API) showing a 6 million barrel drop in crude oil inventories to 432.8 million. Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week. Traders said the high prices were a result of a relatively tight market following a year of OPEC and Russia-led production cuts, which were started last January and scheduled to cover all of 2018.