Oil futures headed higher Thursday as a rebound in equity markets backed a return to risk-on sentiment, giving U.S. benchmark prices an incentive to move up for a second session in a row.
The Energy Information Administration reported Wednesday that U.S. oil stockpiles rose for a fifth straight week, up 6.3 million barrels in the week ended Oct. 19. The data, however, also revealed a drop of 4.8 million barrels in gasoline stockpiles—over three times more than expected.
West Texas Intermediate crude for December delivery on the New York Mercantile Exchange added 35 cents, or 0.5%, to $67.17 a barrel, following a gain of 0.6% a day earlier. Month to date, prices based on the front-month contracts were down more than 8%, which would be the largest monthly loss since July 2016, according to FactSet data.
December Brent crude was up 17 cents, or 0.2%, to $76.34 a barrel after a loss of nearly 0.4% Wednesday.
Source : Marketwatch