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Crude oil rose for a sixth consecutive session to its highest level since June 19 on a decline in U.S. output, but ongoing concerns regarding a global glut continued to weigh on markets.
U.S. WTI crude has advanced 28 cents or 0.6 percent to trade at $44.01 per barrel, while Brent futures advanced 28 cents or 0.6 percent to trade at $47.59 per barrel.
Goldman Sachs said the fast increase in shale drilling activity and the surprisingly large rebound in Libya/Nigeria production are poised to hinder the decline in 2017 stocks.
The U.S. EIA reported crude stocks climbed 118, 000 barrels in the previous week, while weekly output dropped 100, 000 bpd to 9.3 million bpd. That was the steepest drop in weekly production since July 2016.
There was supplemental support coming from a drop in U.S. gasoline stockpiles, which fell 894, 000 barrels. This indicated that support was beginning to gain momentum following a slow beginning to the U.S. summer driving season.
