By continuing to use this site you consent to the use of cookies on your device. Find out more about our cookie policy and the types of cookies we use by clicking here

Crude Oil Rebounds Near USD57

WASHINGTON (Alliance News) - Crude oil futures rebounded Thursday, as traders bet this week's ...

Alliance News 7 December, 2017 | 7:28PM
Email Form

WASHINGTON (Alliance News) - Crude oil futures rebounded Thursday, as traders bet this week's decline was overdone.

WTI light sweet crude oil was up 76 cents at USD56.72 a barrel, having slipped from near USD60 over the past few weeks.

Traders await tomorrow's US rig count report from Baker Hughes for signs that domestic production will be picking up.

Oil major Chevron said it plans a sharp increase in US shale investment while pulling back elsewhere. Meanwhile, OPEC production is expected to remain stagnant as the cartel extended its supply quota plan with Russia.

In economic news, initial US jobless claims, fell by 2,000 to 236,000 in the seven days ended Dec 2. Economists forecast claims of 240,000.

Copyright RTT News/dpa-AFX

Email Form
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.