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Oil prices settled higher Thursday on expectations of steep cuts to Russian production next month. U.S. West Texas Intermediate (“WTI”) crude gained $1.44 per barrel closing at $75.39 per barrel ending a six-day slide. Brent crude oil gained two percent up US $1.61 per barrel closing at US$82.21 per barrel. Natgas traded higher closing at $2.31 per MMBTU up 14 cents per MMBTU day over day.
According to the EIA crude inventories rose by 7.6 million barrels, gasoline stocks fell by 1.9 million barrels and distillate stockpiles (which include diesel and heating oil) rose by 2.7 million barrels week over week.