Domestic crude oil prices fell slightly lower on Thursday but managed to settle above $50 a barrel as traders anticipated OPEC’s continuation of the production agreement to remain in place, according to Bloomberg MarketWatch.
November West Texas Intermediate crude dropped 14 cents, or 0.3%, to settle at $50.55 a barrel on the New York Mercantile Exchange. WTI prices fell nearly 6% in August as pressure from lower oil demand from downed refineries outweighed the hit to domestic production.
November Brent crude, the global benchmark, edged up by 14 cents, or 0.3%, to end at $56.43 a barrel on the ICE Futures Europe Exchange.
OPEC members and other major producers will meet Friday in Vienna to discuss the effect of the production curb agreement.
“The focus of the energy market is decidedly on Vienna right now as oil heavyweights from around the world gather for the meeting” Friday,” said Tyler Richey, co-editor of the Sevens Report.
Meanwhile, prices for natural gas extended earlier losses after data showed that weekly supplies of the commodity rose more than expected. October natural gas settled at $2.946 per million British thermal units, down 14.8 cents, or 4.8%, on the New York Mercantile Exchange.
The Energy Information Administration reported that natural gas supplies rose by 97 billion cubic feet for the week ending September 15. Analysts and traders expected inventories to grow by 89 billion cubic feet.