Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices.
Saudi Arabia’s decision to cut its output by additional 1 million barrels per day in February and March too continued to contribute to oil’s uptick.
Worries about outlook for energy demand due to continued to spikes in coronavirus cases in several countries and tighter restrictions on movements limited oil’s gains.
West Texas Intermediate Crude oil futures for February ended up $0.20 or about 0.4% at $50.83 a barrel, after hitting a high of $51.28 a barrel in the session.
WTI crude oil futures hit their highest level since January 25, 2019.
Brent crude futures were up $0.20 or 0.4% at $54.50 a barrel a little while ago.
Data released by the Energy Information Administration on Wednesday said crude stockpiles in the U.S. fell by about 8 million barrels in the week ended January 1 to 485.5 million barrels.