WTI climbs after hitting 2-year low
West Texas Intermediate crude oil rose from its lowest closing price in two years on Thursday.
After government data revealed crude stockpiles increased more than expected in the U.S., WTI advanced.
{mosads}Brent rose in London as well, Bloomberg reports.
Crude stockpiles grew 7.1 million barrels last week, the Energy Information Administration said on Wednesday,
The Organization of Petroleum Exporting Countries still needs to cut production by 500,000 barrels a day due to the oversupplied market.
The recent drop in price to a two-year low raised concern among U.S. producers and industry that a downward spiral could hurt production.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed..
