Crude Bounces Back on Thursday

Despite supply increases crude prices managed to make gains on Thursday. March West Texas Intermediate crude added $1.18 to end trade at $29.53 a barrel on the New York Mercantile Exchange. March Brent crude on the London ICE Futures Exchange gained $1.37 to settle at $29.25 a barrel.

The U.S. Energy Information Administration reported Thursday that crude stocks rose by four million barrels last week. The same report also indicates production might be slowing down in the U.S.

The EIA also reported on natural gas supplies. The U.S. stockpile fell by 178 billion cubic feet last week. February natural gas added two cents to settle at $2.138 per million British thermal units.


%d bloggers like this: