Crude oil futures are settling at $66.36, up five cents or 0.08%. The low price reached $65.60. The high price was at $67.09.
The price is rising from a six-month low despite growing concerns over rising supply, higher U.S. inventories, and weakening demand amid escalating U.S. trade tensions.
The small gains followed a sharp decline on Wednesday after the Energy Information Administration (EIA) reported a larger-than-expected 3.6-million-barrel increase in U.S. inventories.
Fears of slower economic growth and reduced oil demand from tariffs continues to weigh on the market.
On the supply side, OPEC+ is set to unwind 2.2 million barrels per day of production cuts over the next 18 months, starting in April, adding to the bearish sentiment. Meanwhile, non-OPEC supply continues to rise, with U.S. production hitting a record 13.51 million barrels per day last week.
This article was written by Greg Michalowski at www.forexlive.com.
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