U.S. West Texas Intermediate (WTI) crude oil futures were at around $53.69 per barrel about 60 cents up, from their last conclusion.
On Wednesday oil advanced while producer club OPEC announced it had cut the supply greatly last month and as U.S. penalties kicked Venezuela's oil exports. International Brent crude futures gained more than 1.1%, and went to $63.11 per barrel.
Notwithstanding the crisis in Venezuela and the OPEC cuts, experts stated that the global oil markets continue to be well supplied. Frank Verrastro, senior vice president for (CSIS) said "Oil markets continue to focus at the macro level on the dual notions of adequate supply and softening demand."
High-level talks this week in China
Daily Analysis - 13/02/2019