Domestic oil futures rose slightly as Brent crude and natural gas posted losses on Thursday, according to a report by Bloomberg MarketWatch.
March West Texas Intermediate crude edged up by 25 cents, or 0.5%, to settle at $53.36 a barrel on the New York Mercantile Exchange.
On London’s ICE Futures Exchange, April Brent crude, the global benchmark, finished with a loss of 32 cents, or 0.6%, to end trading at $55.65 a barrel.
“There is a production spree in the U.S. Going forward, prices will depend on…who is willing to give up output,” said Gnanasekar Thiagarajan, director of Commtrendz Risk Management.
Back on the New York Mercantile Exchange, March natural gas fell 7.1 cents, or 2.4%, to settle at $2.854 per million British thermal units—the lowest finish since November 11.
Earlier on Thursday, the EIA said natural gas inventories fell by 114 billion cubic feet for the week ending February 10. That amount was less than the decline of 126 billion expected by analysts polled by S&P Global Platts.