Crude oil futures recovered some ground Thursday, on the heels of sinking to their lowest level in nearly three weeks amid worries that U.S. production catches up to cuts being made by major oil players elsewhere.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in MayCLM7, +0.29% traded at $50.96 a barrel, up 11 cents, or 0.2%, in the Globex electronic session. June Brent crude LCOM7, +0.34% on London’s ICE Futures exchange rose 15 cents, or 0.3%, to $53.33 a barrel.
Oil prices fell by almost 4% in the U.S. session on Wednesday, marking the steepest drop since March 8. The decline was mainly due to the surprise build in U.S. gasoline stockpiles that point to weaker-than-expected demand at a time when consumption of gasoline usually rises.
Traders could check updates here about crude oil market
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