Oil Holds Gains Above $49 as U.S. Stockpiles Extend Decline
Futures advanced 0.3 percent after climbing 0.8 percent Wednesday. Output slid for the second time in three weeks, according to Energy Information Administration data, while stockpiles dropped by 6.45 million barrels, almost triple the median forecast in a Bloomberg survey. Gasoline inventories unexpectedly rose for the first time since early June. Oil has fluctuated below $50 a barrel for more than a week as investors weigh rising global supply against output cuts by members of the Organization of Petroleum Exporting Countries and its allies including Russia. While U.S. crude stockpiles have declined during a period of strong seasonal demand, they remain almost 90 million barrels above the five-year average. Click Read More below for additional detail.