WTI Hovers Around $45 a Barrel on Thursday as Traders Try to Shake Off Jump in Crude Supply

Oil prices ended fairly flat on Thursday resulting a slight drop as investors mulled over the way to approach an unexpected rise in crude supplies, according to Bloomberg Marketwatch.

On the New York Mercantile Exchange, July West Texas Intermediate crude fell 8 cents, or 0.2%, to settle at $45.64 a barrel.

On London’s ICE Futures Exchange, August Brent crude, the global benchmark, lost 20 cents, or 0.4%, to end trading at $47.86 a barrel.

The EIA report released Wednesday revealed that U.S. crude production fell by 20,000 barrels to 8.815 million barrels a day. Total output also fell by 24,000 barrels a day to 9.318 million. The report also showed a surprise rise of 3.3 million barrels in crude inventories.

July natural gas added less than a penny to $3.028 per million British thermal units back on the New York Mercantile Exchange.

 

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