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Crude Oil Rebounds Near USD57

Thu, 7th Dec 2017 19:28

WASHINGTON (Alliance News) - Crude oil futures rebounded Thursday, as traders bet this week's decline was overdone.

WTI light sweet crude oil was up 76 cents at USD56.72 a barrel, having slipped from near USD60 over the past few weeks.

Traders await tomorrow's US rig count report from Baker Hughes for signs that domestic production will be picking up.

Oil major Chevron said it plans a sharp increase in US shale investment while pulling back elsewhere. Meanwhile, OPEC production is expected to remain stagnant as the cartel extended its supply quota plan with Russia.

In economic news, initial US jobless claims, fell by 2,000 to 236,000 in the seven days ended Dec 2. Economists forecast claims of 240,000.

Copyright RTT News/dpa-AFX

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