U.S. oil futures settled higher on Wednesday for the first time in eight sessions, but the move lacked conviction as U.S. government data showed that supplies of crude and crude products climbed last week and analysts continued to weigh the likelihood of a price drop toward $20 a barrel.February West Texas Intermediate crude CLG6, +0.20% settled at $30.48 a barrel on the New York Mercantile Exchange, up 4 cents, or 0.1%. Prices had dropped as low as $29.93 Tuesday. Year-to-date, it’s fallen roughly 18%.
WTI clearly seems to bounce when it nears $30, but “I wouldn’t take that as a signal that $30 is the bottom,” said Robbie Fraser, commodity analyst at Schneider Electric.
February Brent crude LCOG6, -1.29% on London’s ICE Futures exchange fell 55 cents, or 1.8%, to $30.31 a barrel. That was its eighth straight losing session and lowest settlement since April 2004. Brent briefly dipped under $30, ahead of the February contract’s expiration on Thursday.
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