Oil futures on Thursday recouped losses from a day earlier as expectations for further declines in U.S. production helped offset a bigger-than-expected weekly increase in domestic crude supplies.October West Texas Intermediate crude CLV5, -0.37% tacked on $1.77, or 4%, to settle at $45.92 a barrel on the New York Mercantile Exchange after dropping $1.79, or 3.9%, a day earlier. Oil prices had pared some of their earlier gains in the wake of the supply data, before pushing toward session highs again.
Brent crude LCOV5, -0.16% rose $1.31, or 2.8%, to $48.89 a barrel on London’s ICE Futures exchange.
Nymex oil participated in a “broad-based risk-on rally, despite the negative numbers” released by the U.S. Energy Information Administration Thursday, said Tim Evans, chief market strategist at Long Leaf Trading Group. U.S. stocks were higher in volatile trading when Nymex prices settled.
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