Oil Reverses Some of Its Latest Pullback

By Lucy Craymer Features Dow Jones Newswires

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."

Write to Lucy Craymer at lucy.craymer@wsj.com

(END) Dow Jones Newswires

December 13, 2017 22:48 ET (03:48 GMT)