Oil prices ticked up slightly Thursday after closing at a three-week low Wednesday.
Brent crude LCOG8, +0.46% , the global benchmark, was up 0.6% at $61.56 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLF8, +0.20% were trading up 0.2% at $56.09 a barrel.
Brent and WTI fell by 2.9% and 2.6% respectively Wednesday, after the U.S. Energy Information Administration released weekly data showing a 6.8 million barrel increase in gasoline inventories for the week ended Dec. 1, as well as record U.S. crude production of 9.7 million barrels a day for last week.
OPEC and 10 producers outside the cartel first agreed a year ago to cap production at 1.8 million barrels a day below peak October 2016 levels, with the aim of both alleviating a global supply glut that has weighed on the market since 2014 and boosting prices.
Crude prices have risen more than 20% since September amid stronger compliance with the OPEC-led deal, along with growing global demand and renewed geopolitical risks in the Middle East.
Among refined products, Nymex reformulated gasoline blendstock RBF8, +0.60% — the benchmark gasoline contract — was up 0.7%, at $1.67 a gallon. Among the heating fuels, January heating oil HOF8, +0.22% was up 0.3% at $1.861 a gallon, down 2.8%. January natural gas NGF18, -3.42% fell 3.4% to $2.82 per million British thermal units.
Brent crude LCOG8, +0.46% , the global benchmark, was up 0.6% at $61.56 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLF8, +0.20% were trading up 0.2% at $56.09 a barrel.
Brent and WTI fell by 2.9% and 2.6% respectively Wednesday, after the U.S. Energy Information Administration released weekly data showing a 6.8 million barrel increase in gasoline inventories for the week ended Dec. 1, as well as record U.S. crude production of 9.7 million barrels a day for last week.
OPEC and 10 producers outside the cartel first agreed a year ago to cap production at 1.8 million barrels a day below peak October 2016 levels, with the aim of both alleviating a global supply glut that has weighed on the market since 2014 and boosting prices.
Crude prices have risen more than 20% since September amid stronger compliance with the OPEC-led deal, along with growing global demand and renewed geopolitical risks in the Middle East.
Among refined products, Nymex reformulated gasoline blendstock RBF8, +0.60% — the benchmark gasoline contract — was up 0.7%, at $1.67 a gallon. Among the heating fuels, January heating oil HOF8, +0.22% was up 0.3% at $1.861 a gallon, down 2.8%. January natural gas NGF18, -3.42% fell 3.4% to $2.82 per million British thermal units.
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