Energy prices traded in the green on Thursday after better-than-expected Energy Information Administration’s (EIA's) data on gasoline inventory. Oil market reversed losses from yesterday after the same EIA report announced a 13.8 million barrels rise in US commercial crude stocks.
Investors have been increasingly worried about the rising oil production in the United States that has been offsetting the positive impact of the output cut agreement. Earlier in December, OPEC members and other major oil producers led by Russia agreed to cut global crude output by as much as 1.8 million barrels per day to tackle the oil market oversupply that has been prevailing for over two years.
West Texas Intermediate for March delivery added 0.84% to trade fir $52.86 per barrel at 10:50 am CET. Meanwhile, international benchmark Brent for settlements in April gained 1.11%, changing hands for $55.70 per barrel at 10:52 am CET.
Image: EPA / WALLACE WOON
