The crude report raised expectations that further production declines will help ease the market’s surplus of inventories.
Meanwhile, natural-gas futures, which has been on a relatively steady decline all year on weak demand, logged their lowest settlement in about 17 years.
Total crude production in the latest week slipped by 25,000 barrels to stand at 9.077 million barrels a day, according to EIA data. A hefty weekly increase in U.S. oil supplies, however, kept a cap on price gains.
April West Texas Intermediate crude CLJ6, +0.14% rose 26 cents, or 0.8%, to settle at $34.66 a barrel on the New York Mercantile Exchange, holding ground at their highest level in about two months. They were trading around $34.30 ahead the supply data and dropped to as low as $33.63 after them, before climbing back up again.
Brent crude LCOK6, -0.05% the global oil benchmark, added 12 cents, or 0.3% to $36.93 a barrel on London’s ICE Futures exchange.
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