Crude oil futures inched higher for sixth straight session on Thursday after a decline in weekly U.S. crude production temporarily eased concerns about deepening oversupply. U.S. crude production dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. However, and Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries (OPEC) and other producers since January.

Crude oil futures inched higher for sixth straight session on Thursday after a decline in weekly U.S. crude production temporarily eased concerns about deepening oversupply. U.S. crude production dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. However, and Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries (OPEC) and other producers since January.

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