U.S. oil jumped nearly $1 a barrel on Thursday to its highest in more than a year as a steep drop in crude stocks in the United States added to worries of tight global supplies from OPEC+ cuts led by Saudi Arabia.

U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. WTI was at $94.60 a barrel, up 92 cents, or 1%, by 0145 GMT.

Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November.

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“The oil market is quickly coming to terms with the fact that the OPEC+ cuts announced in the summer are having a deep effect on crude availability,” said S…