Oil Ends With a Gain As Weekly U.S. Output Falls

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures settled higher Thursday, finding support from a weekly drop in U.S. crude production, despite the first supply climb in six weeks. The Energy Information Administration reported that weekly crude output from the lower 48 states fell 36,000 barrels to 7.969 million barrels a day--the lowest level since June 2014. The EIA also said that crude supplies rose 4.9 million barrels for the week ended Oct. 7. November West Texas Intermediate crude rose 26 cents, or 0.5%, to settle at $50.44 a barrel on the New York Mercantile Exchange.

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