U.S. oil price gained Tuesday amid thin holiday trading. U.S. crude bounced up as U.S. government lifted a 40-year-old ban on export of oil last Friday.
Analysts believed that lifting the ban will not lead to significant U.S. export shipments for months or even years, but could give crude producers the increased flexibility they desired. Thanks to the U.S. shale oil revolution, American oil production has almost doubled in the past six years.
By the week ended Dec. 11, U.S. crude production added 12,000 to 9.176 million barrels a day, according to U.S. Energy Information Agency (EIA)'s weekly report. Brent oil price was dragged down by the global supply glut. On Dec. 4, the Organization of the Petroleum Exporting Countries (OPEC) decided to keep crude production pumping at current level in the already oversupplied market.
The West Texas Intermediate for February delivery moved up 33 cent to settle at 36.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 24 cents to close at 36.11 dollars a barrel on the London ICE Futures Exchange.
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