Oil futures rose early Thursday after ending January with their first monthly gain since September, as traders monitored U.S. production outages and monitored tensions in the Middle East.
The price moves
-
West Texas Intermediate crude for March delivery CL00,
+0.54% every.1,
+0.54% CLH24,
+0.54%
It rose 60 cents, or 0.8%, to $76.45 a barrel on the New York Mercantile Exchange. -
Brent crude oil for April BRN00,
+0.52% BRNG 24,
+0.52% ,
The global index rose 74 cents, or 0.9%, to $81.29 a barrel on the ICE Futures Europe exchange.
Market driving factors
Oil futures fell on Wednesday after government data showed an unexpected increase in US crude and gasoline inventories last week, but WTI and Brent saw monthly gains, the first since September.
Traders continue to prepare for the US response to a drone attack by Iranian-backed militants that killed three American soldiers in Jordan last weekend.
Meanwhile, production figures in government data released on Wednesday showed that US crude production rebounded by 700,000 barrels per day last week to reach 13 million barrels per day. Cold weather in North Dakota and Texas affected production last month, which helped support crude oil prices.
“Total production remains at a record 300,000 barrels per day, and if we do not see the rest of that production restored in the next few weeks, it will mean a weekly shortfall of 2.1 million barrels compared to early year levels.” analysts at Sevens Report Research, wrote in a note. “The tallest
If this continues, the more bullish it becomes.”
