Oil prices rose in Asian trading Thursday following fresh overnight declines, caused in part by rising U.S. gasoline suppplies last week and oil production hit a weekly record.
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--January light, sweet crude on the New York Mercantile Exchange was recently up 0.4% at $56.80 a barrel in the Globex trading session. February Brent rose 0.6% to $62.81.
--As the U.S. said weekly crude output hit a record last week, the Organization of the Petroleum Exporting Countries Wednesday also boosted its projection on 2018 U.S. shale-oil output. For some, that's a signal to sell, said Stuart Ive at OM Financial. But "the real question is can the market absorb the output."
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(END) Dow Jones Newswires
December 13, 2017 22:48 ET (03:48 GMT)