Oil continued its rally on Thursday, approaching $US70 for the first time in more than three years.

West Texas Intermediate rose about 1 per cent to $US69.56 at session highs overnight.

At the time of writing it was at $68.13 a barrel.

The last time it cracked $US70 was November 2014.

>> Scroll down for a list of ASX oil juniors that stand to benefit from the rising prices.

Brent, the international benchmark, was trading at $US74.14 a short time ago.

Crude has been rallying this week amid rising supply concerns.

Crude Oil WTI Futures over the past five years.
Crude Oil WTI Futures over the past five years.

On Wednesday, the US Energy Information Administration released a report showing oil inventories in the US fell by 1.1 million barrels last week to about 428 million barrels. The drawdown was much bigger than expected.

Elsewhere, Saudi Arabia has been hinting the OPEC could extend production caps into next year. The country – OPEC’s biggest producer – is targeting a crude price of $US80 or even $US100, Reuters reported.

>> Here’s a list of ASX oil juniors that stand to benefit from the rising prices.

ASX code Name 12-month price change Explorer or producer Market Cap (Apr 11)
CVN CARNARVON PETROLEUM 0.4 Oil and gas explorer 144.14M
BUL BLUE ENERGY 1.6 Oil and gas explorer 138.59M
REY REY RESOURCES 1 Oil and gas explorer 48.87M
ICN ICON ENERGY LIMITED 0 Oil and gas explorer 14.94M
TDO 3D OIL 0.25 Oil and gas explorer 10.69M
TAP TAP OIL -0.25 Oil and gas explorer 24.71M
EEG EMPIRE ENERGY GROUP 1 Oil and gas explorer 18.97M
OEX OILEX 0 Oil producer, gas explorer 9.37M
LKO LAKES OIL NL 0 Oil explorer 82.87M
KEY KEY PETROLEUM 0 Oil explorer 16.22M
IPB IPB PETROLEUM -0.5 Oil explorer 1.60M
COE COOPER ENERGY -0.0303030303 Oil and gas producer 504.34M
BRU BURU ENERGY 0.7222222222 Oil producer 133.93M
TEG TRIANGLE ENERGY GLOBAL 0.5 Oil producer 17.67M
NWE NORWEST ENERGY NL 0.25 Oil producer 10.15M
WBE WHITEBARK ENERGY 0 Oil producer 6.93M
BUY BOUNTY OIL & GAS NL 0 Oil producer 5.72M

 

This article first appeared on Business Insider Australia, Australia’s most popular business news website. Read the original article. Follow Business Insider on Facebook or Twitter.