Oil futures posted a mixed finish Thursday, giving up big gains after an official from Saudi Arabia was quoted as saying the world’s swing producer was “not prepared” to cut oil production.Those comments also came amid a rise in U.S. inventories of crude, gasoline and distillates..
“If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production,” Saudi Foreign Minister Adel Al Jubeir told Agence France-Presse in an interview Thursday.
Light, sweet crude futures for delivery in March CLH6, -0.65% finished with a gain of 11 cents, or 0.4%, at $30.77 a barrel on the New York Mercantile Exchange, after trading as high as $31.98 earlier in the day. April Brent crude LCOJ6, -0.82% on London’s ICE Futures exchange fell 22 cents, or 0.6%, to end at $34.28 a barrel.
Oil futures weakened after the Energy Information Administration said U.S. commercial crude inventories rose 2.1 million barrels in the week ended Feb. 12. That was smaller than the 3.3 million barrel build penciled in by economists surveyed by oil-data firm Platts. It came under additional pressure after the Saudi official’s comments were reported.
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