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Oil prices inched up on Thursday, bouncing back from two-week lows, after data showed falling crude and fuel inventories in the United States.
Both benchmarks had settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row, after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
U.S. crude inventories fell by 2.2 million barrels to 420.6 million barrels in the week ended Oct. 11, the Energy Information Administration said on Thursday, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. Gasoline and distillate inventories also fell last week.
"This tells me operational efficiencies are still improving," said Tim Snyder, chief economist at Matador Economics. "Markets are normalizing."
As of October 17, 2024, the closing prices for oil and gas were:
WTI Crude: $70.67 per barrel
Brent Crude: $74.04 per barrel
Natural Gas: $2.48 per MMBtu
Gasoline: $2.04 per gallon
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