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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
U.S. stocks closed mostly higher on Thursday, with the Dow logging its 49th record finish so far this year.
The rally in equities continued as retail-sales data for September came in surprisingly strong and jobless claims retreated, reinforcing a soft-landing scenario for the economy.
According to preliminary FactSet data, the Dow Jones Industrial Average added about 161 points, or 0.4%, to close at about 43,238.
The S&P 500 shed 1 point, or less than 0.1%, ending roughly flat at around 5,841.
The Nasdaq Composite Index advanced about 6 points, or less than 0.1%, closing around 18,373.
According to Dow Jones Market Data, the Dow clinched its most record closes in a year in 2017, at 71.
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