Crude prices were seen climbing on Thursday after a report showed that crude stockpiles at the largest US storage hub fell for the first time in a month.
The North American West Texas Intermediate (WTI) for December delivery traded 0.31% higher to $78.92 a barrel on the New York Mercantile Exchange at the time of writing. Futures for the European benchmark Brent crude for December settlement rose 0.19% to $83.11 a barrel on the London-based ICE Futures Europe exchange.
Global oil prices fell into a bear market last month after some of the largest producers in the Organization Petroleum Exporting Countries, including Saudi Arabia discounted crude supplies as the US increased output to the highest in more than 30 years.
US Crude Stockpiles
Crude inventories in the US, the world’s largest oil consumer climbed by 460,000 barrels to 380.2 million in the week ended October, a report from the Energy Information Administration (EIA) showed.
The report also showed that gasoline stockpiles fell by 1.4 million barrels, while distillate stockpiles, including heating oil and diesel, dropped 724,000 barrels. Crude stockpiles in Cushing, Oklahoma, the delivery point for WTI contracts, slid by 551,000, according to the EIA.
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Libya halted production from the El Sharara oilfield after being disrupted by violence, according to reports.
Production from Libya boosted output from the Organization of Petroleum Countries (OPEC) to a 14-month high in October, according to the 12-member group.
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