Oil prices rose on Thursday after industry data showed a surprise drop in U.S. c...
SINGAPORE - Oil prices rose on Thursday after industry data showed a surprise drop in U.S. crude inventories while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support for oil.
Brent futures LCOc1 rose 16 cents, or 0.3%, to $62.53 per barrel by 0250 GMT while U.S. West Texas Intermediate crude CLc1 gained 22 cents, or 0.4%, to reach $57.34. “I don’t see much changes in supply so prices are still trading within the same range from the start of November,” he said. Official weekly EIA data is due at 11:00 a.m. EST on Thursday. Both reports were delayed a day for the U.S. Veterans Day holiday on Monday.
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