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Rally Continues on Thursday for Crude Oil Futures

Oil continued its rebound on Thursday as traders found support from the largest weekly decline for domestic crude inventories in nearly a year coupled with a forecast for stronger growth in demand through the end of 2017, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, August West Texas Intermediate crude tacked on 59 cents, or 1.3%, to settle at $46.08 a barrel.

On the London ICE Futures Exchange, September Brent crude, the global benchmark, added 68 cents, or 1.4%, to end trading at $48.42 a barrel.

On Thursday, the International Energy Agency reported that global oil supply in June rose by 720,000 barrels a day to 97.46 million a day as “producers opened the taps,” with OPEC and non-OPEC producers increasing output. OPEC output rose by 340,000 barrels a day “after Saudi flows increased and Libya and Nigeria, spared from cuts, pumped at stronger rates,” the IEA said.

“OPEC compliance slumped to 78%, the lowest rate this year, and was overtaken by the non-OPEC group whose rate improved to 82%,” the IEA said.

Meanwhile, natural gas prices ended modestly lower after the EIA reported a 57 billion-cubic-foot rise in U.S. supplies of the commodity. That was close to the 59 bcf climb expected by analysts polled by S&P Global Platts.

Back on the New York Mercantile Exchange, August natural gas fell 2.4 cents, or 0.8%, to end trading at $2.961 per million British thermal units.