Oil prices rose on Wednesday, with U.S. crude topping $60 a barrel for the first time in about four months, after government data showed the American stockpiles of crude oil and refined fuels plunged last week.

WTI has rallied 32 percent this year after losing nearly half of its value in the final months of 2018. Brent is also up more than 27 percent year to date, boosted by production cuts from OPEC and U.S. sanctions against Iran and Venezuela.

West Texas Intermediate graph

U.S. West Texas Intermediate crude futures rose 73 cents, or 1.2 percent, to $59.76.03 per barrel, after topping $60 and hitting its highest level since Nov. 12. The more heavily traded WTI contract for May delivery peaked at $60.20 a barrel.

Brent crude futures were up 41 cents at $68.02 a barrel around 1:35 p.m. ET (1735 GMT). The international benchmark for oil prices rose as high as $68.53, setting a new high going back to Nov. 13.

via Reuters