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Oil gains on U.S. crude stocks fall, OPEC comments on slower U.S. shale growth

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude in...

SINGAPORE - Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.

Brent futures LCOc1 rose 39 cents, or 0.6%, to $62.76 per barrel by 0606 GMT, while U.S. West Texas Intermediate crude CLc1 gained 39 cents, or 0.7%, to reach $57.51. “I don’t see much changes in supply so prices are still trading within the same range from the start of November,” he said.

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