The cost of February futures for Brent oil increased by 3.95% to $62.48 per barrel at 8.09pm. January futures for WTI oil gained 3.57% and reached $58 per barrel, RIA Novosti reports.
The U.S. Energy Department declared a reduction of commercial oil reserves on the week ending December 12 of 0.8 million barrels (0.2%) to 379.9 million barrels. Analysts predicted a reduction of over 2.36 million barrels.
