Crude prices ticked upward on Thursday despite persistent worries over supply and demand. February West Texas Intermediate crude added 72 cents to end trade at $31.20 a barrel on the New York Mercantile Exchange. On its last day as the front month contract, February Brent crude gained 72 cents to end trade at $31.03 on the London ICE Futures Exchange. The March Brent contract will start its tenure as the front month contract at $30.67 a barrel.
A decision could be coming soon on Iran’s oil. If the country has shown it has met certain requirements in the nuclear agreement, Iran could begin selling its oil on the open market. That would add to oversupply worries.
The U.S. Energy Information Administration said natural gas supply dropped by 168 billion cubic feet last week. February contracts on the New York Mercantile Exchange dropped 13 cents to settle at $2.139 per million British thermal units.
