Oil benchmarks on both sides of Atlantic are extending their winning streak into a third-day this Thursday as markets are hopeful over production cuts by major global producers.
Oil prices have found a bottom?
Currently, WTI rises 1.60% to 32.81, while the Brent oil jumps 2.42% to 34.75. Oil prices are benefiting from the ongoing chatter that major oil producers including, Russia, Nigeria and Venezuela have called in for production cuts in a bid to bolster prices. Further, Russia plans to discuss over output cuts with Saudi Arabia, which keeps the prices supported.
Moreover, markets appeared to shrug off the bearish EIA stockpiles data and rather focused on crude stocks at the Cushing, Oklahoma delivery hub, which fell by 771,000 barrels. The EIA report showed that US crude inventories climbed by 8.4 million barrels last week, higher than expectations for a rise of 3.3 million barrels.
Attention now turns to a host of US macro releases for further cues on the dollar-denominated crude oil.