Crude oil futures soared on Thursday as it appears the OPEC production cut is working, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, February West Texas Intermediate crude climbed 76 cents, or 1.5%, to settle at $53.01 a barrel, marking their highest settlement price since Friday.
On the London ICE Futures Exchange, March Brent crude, the global benchmark, rose 91 cents, or 1.7%, to end trading at $56.01 a barrel.
Meanwhile, February natural gas settled at $3.386 per million British thermal units, up 16.2 cents, or 5%, on the New York Mercantile Exchange. It saw its highest finish since December 30.
“We could get another decent week of inventory withdrawals for the EIA week ending January 13, unless the warm weather late this week ruins all of it,” said Richard Hastings, macro strategist at Seaport Global Securities.