New York — Oil prices rose to an eight-week high on Thursday, as a rally in US gasoline futures spurred further gains this week that came after key Opec members pledged to reduce exports and the US government reported a sharp decline in crude inventories. US gasoline futures were the biggest percentage gainer in the petroleum complex, up 1.6% to their highest since May 30. "Today’s buying rotation back to the front of the (gasoline) curve is a healthy sign that augers in favor of additional price gains," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note. Benchmark Brent futures were up 50 cents, or 1 percent, at $51.47 a barrel by 4.54pm GMT. US West Texas Intermediate (WTI) crude was up 32c, or 0.7%, at $49.07. During the session, both contracts traded at their highest since May 31. This put them in technically oversold territory near their 200-day moving averages, which traders called a point of technical resistance. "Current...
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