That added to optimism earlier in the week when the Organization of the Petroleum Exporting Countries said a deal with other producers including Russia to curb output was showing a high level of compliance. However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at...
However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo. "It's a battle between how quick OPEC can cut without shale catching up," Nunan said, referring to U.S. drilling in shale formations that has shown an upsurge after prices rose this year.
West Texas Intermediate crude April contract added 41 cents, or 0.8 percent, to $54.00 a barrel at 0011 GMT. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday.
Here are some of the key stories CNBC is following this hour.
Freezing rain predicted for many parts of the central Plains and mid-Atlantic US this weekend, drivers warned to stay off the roads, USA Today reports.
Police say the man suspected in the fatal shooting of a Southwest Airlines employee was found dead inside a vehicle.
CNBC's Sue Herera reports the latest on a shooting in a parking lot at the airport in Oklahoma City.
Students at the university were targeted in a racist attack on messaging app, GroupMe.
Forty-six quakes have already struck the state since the beginning of November.
A deer leaped through a glass window at an American Eagle Outfitters store in Stillwater, Oklahoma.
An earthquake with a preliminary magnitude of 5 struck near Cushing, Oklahoma, prompting evacuations, but there were no reports of injuries.
A quake rattles one of the world's key oil hubs raising concern that a key infrastructure may have been damaged.
CNBC's Brian Sullivan speaks with Devon Energy CEO David Hager about the energy giant's plans in the STACK area of Oklahoma and how to stay efficient and profitable with lower oil prices.
CNBC's Brian Sullivan speaks with Todd Halihan, Oklahoma State University Geologist, about the correlation between increased seismic activity in Oklahoma and oil and gas fracking in the state.
CNBC's Brian Sullivan speaks with Kate Richard, Warwick Energy CEO, about making money in the energy business while oil is at $30 per barrel.
CNBC's Morgan Brennan reports on the latest earthquake in Oklahoma and what the effect of increased fracking in the state is having on the area's seismic activity.
Officials gave an all-clear in Oklahoma City after a "suspicious package" was found at the Boeing facility, KFOR reported.
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