Oil price was little changed on Thursday. But it still traded near the highest level since May 2015.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were trading at $59.54 a barrel in the early trading on Thursday. WTI broke through $60 a barrel earlier this week, the first time in more than two years.
While Brent crude futures for February delivery were at $66.41 a barrel on the London-based ICE Futures Europe exchange.
The oil price was traded higher this year as the Organization of Petroleum Exporting Countries and its partners including Russia will continue to cut oil output through the end of 2018, which resulted in relatively tight supply.
According to Bloomberg, Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda, said: "Given the much stronger price response to supply disruptions in the wake of OPEC supply cuts, the market is poised to make further gains…With geopolitical risk no less sure ahead of Libyan elections next year, we should expect more regional chaos and disorder to underpin oil prices."
Strong global demand also lifted the oil price. According to CNBC, China, the world’s biggest oil importer, released strong import quotas for 2018.