Oil futures settled higher on Thursday, contributing to the commodity's month-to-date gain. Oil stabilized at support near the 2023 lows following Wednesday's weekly Energy Information Administration report, which showed a "massive draw" in commercial crude-oil stockpiles, said Tyler Richey, co-editor at Sevens Report Research. On the supply side, OPEC+ is widely viewed as being "maxed out" in terms of its ability to further cut production quotas, so traders are focused on demand, he said. August West Texas Intermediate crude climbed 30 cents, or 0.4%, to settle at $69.86 a barrel on the New York Mercantile Exchange. Month to date, prices based on the front-month contract, have climbed 2.6%, according to Dow Jones Market Data.
-Myra P. Saefong
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
06-29-23 1456ETCopyright (c) 2023 Dow Jones & Company, Inc.