U.S. oil futures prices on Thursday notched their first gain in seven sessions, finding support from a weekly decline in U.S. gasoline inventories even as crude supplies rose for a ninth straight week. The Energy Information Administration on Thursday reported a 1.9 million-barrel fall in gasoline stocks for the week ended Feb. 17. That came on the back of a second consecutive drop in gasoline imports and a nearly 700,000 barrel per day weekly rise in gasoline product supplied, a proxy for demand, said Troy Vincent, senior market analyst at DTN. Gasoline demand has “clearly began its seasonally normal strengthening trend.” U.S. benchmark West Texas Intermediate crude for April delivery CLJ23 rose $1.44, or nearly 2%, to settle at $75.39 a barrel on the New York Mercantile Exchange.
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