Oil prices bounced on Thursday, as investors digested a batch of upbeat data showing lower global supply, which eased lingering concerns over supply surplus.
Global oil supply decreased 360,000 barrels per day (bpd) month-on-month in November to 101.1 million bpd due to lower output in Canada, Russia and the North Sea, from which Brent crude is extracted, said the International Energy Agency (IEA) on Thursday in its latest Oil Market Report.
For non-OPEC supply, IEA has revised its growth forecast for 2019 down by 415,000 bpd, partly due to "expected cuts from Russia agreed last week, and to lower growth in Canada."
U.S. crude stockpiles fell by 1.2 million barrels in the week ending Dec. 7 to 442 million barrels, though lower than investors' previous expectation of a decrease of 3 million barrels, said the U.S. Energy Information Administration on Wednesday.
The West Texas Intermediate for January delivery rose 1.43 U.S. dollars to settle at 52.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery rose 1.3 dollars to close at 61.45 dollars a barrel on the London ICE Futures Exchange.
Global oil supply decreased 360,000 barrels per day (bpd) month-on-month in November to 101.1 million bpd due to lower output in Canada, Russia and the North Sea, from which Brent crude is extracted, said the International Energy Agency (IEA) on Thursday in its latest Oil Market Report.
For non-OPEC supply, IEA has revised its growth forecast for 2019 down by 415,000 bpd, partly due to "expected cuts from Russia agreed last week, and to lower growth in Canada."
U.S. crude stockpiles fell by 1.2 million barrels in the week ending Dec. 7 to 442 million barrels, though lower than investors' previous expectation of a decrease of 3 million barrels, said the U.S. Energy Information Administration on Wednesday.
The West Texas Intermediate for January delivery rose 1.43 U.S. dollars to settle at 52.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery rose 1.3 dollars to close at 61.45 dollars a barrel on the London ICE Futures Exchange.
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