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Oil prices rose steadied on Thursday, supported by signs of a tightening U.S. market but weighed down by ample supplies from OPEC producers. Benchmark Brent crude was up 5 cents at $52.41 a barrel by 1145 GMT. U.S. light crude was 5 cents higher at $49.64.

Taki Darakos, PITT OHIO’s fleet manager who oversees the acquisition and maintenance of 1,550 company-owned tractors and box trucks, testified before Congress on the technological, operational, and financial challenges fleets face as federal and state regulations mandate the adoption of battery-electric trucks. “After meticulous evaluation and planning with our truck manufacturer, we put into service our first battery-electric trucks,” Darakos said. “Although battery-electric trucks show promise in certain applications, they are not ready for broad deployment due to technology limitations.” PITT OHIO is a freight transportation provider that operates in 14 states out of 25 terminals and employs more than 3,500 people. As the Vice President of Vehicle Maintenance and Fleet Service at PITT OHIO, Darakos shared his extensive, real-world experience with the House Subcommittee on Highways and Transit.

December futures were little-changed in New York. OPEC and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement on Saturday. In the U.S., drillers reduced the rig count for a third week to the lowest since June, according to Baker Hughes. “The lower U.S. rig count number, the OPEC compliance number and the geopolitical headlines from northern Iraq and Iran on sanctions have helped futures higher,” Ole Hansen, head of commodity strategy at Saxo Bank A/S said. “But there are signs the market could be weakening with the seasonal refinery demand slowdown.” One sign that demand could be weakening is the Brent market structure known as backwardation -- when prompt prices are more expensive than later-dated futures -- which isn’t as strong as a month ago, said Hansen. Click Read More below for additional information.