Crude Continues to Rally on Wednesday

Despite a growing supply crude prices made gains on Wednesday. March West Texas Intermediate crude added 85 cents to end trade on the New York Mercantile Exchange at $32.33 a barrel. On the London ICE Futures Exchange, March Brent crude tacked on $1.30 to settle at $33.10 a barrel.

Crude supplies rose by 8.4 million barrels last week according to the latest supply report from the U.S. Energy Information Administration. The report also revealed a slight slowdown in production levels.

Also catching the attention of traders, more signals that the Organization of Petroleum Exporting Countries and Russia are ready to talk about production cut agreements.

For the final day of trade, February natural gas added just under a penny to settle at $2.189 per million British thermal units on the New York Mercantile Exchange. March natural gas contracts will open the markets Thursday at $2.15 per million Btu.



   

%d bloggers like this: