Oil Rises For Sixth Session, Buoyed By U.S. Output Decline - Ripples Advisory>> Oil News

Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut. U.S. West Texas Intermediate (WTI) crude rose 7 cents, or 0.2 percent, to $44.81 per barrel by 0003 GMT, while the benchmark Brent futures gained 8 cents, or 0.2 percent, to $47.39 a barrel. WTI climbed to $44.90 a barrel, matching Wednesday's peak price which was highest since June 19.

The U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories.

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