Oil Prices Edge Higher on US Crude Draw, Tight Global Supply

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan, on Nov. 12, 2021. Kyodo/via Reuters

LONDON—U.S. oil futures jumped to their highest in more than a year on Thursday as a drop in crude stocks in the United States added to worries over tight global supplies from OPEC+ output cuts.

By 0828 GMT, Brent crude futures were up 36 cents to $96.91 a barrel after rising to the highest since November earlier in the session.