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Oil prices were stable on Thursday as U.S. crude inventories declined despite an increase in production. Meanwhile, outside the U.S., a supply cut initiated by OPEC continued to help tighten the market.
Brent futures traded at $60.56 per barrel. The international benchmark is up 7 cents or 0.1 percent from their last settlement. The contract has risen by more than 35 percent since its 2017 lows last June.
U.S. WTI crude traded at $54.30 per barrel, flat from their last finish, but still 30 percent higher from the 2017-low hit in June.
According to traders, oil markets received support from the drawdown in crude oil inventories despite increasing output.
Data from EIA showed U.S. commercial crude oil reserves dropped by 2.4 million barrels in the week to October 27, down to 454.9 million barrels. The decline comes despite a 46, 000 bpd rise in production to 9.6 million bpd. Currently, U.S. crude production is up 13 percent since mid-2016. In the latest week, EIA said a record of 2.1 million bpd of U.S. crude was exported.
Meanwhile, sentiment outside U.S. markets has been stoked by an OPEC-led effort, along with other non-OPEC producers to hold off production of around 1.8 million bpd in order to rebalance markets. The possible extension of the deal into at least late next year have provided support for prices, according to National Australia Bank.
