Oil futures rebound from their lowest levels in about 6 weeks

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Oil futures finished higher on Thursday, rebounding after settling Wednesday at their lowest levels since early October. U.S. benchmark crude futures have dropped from their recent highs as energy traders appear to have mostly “priced in” the impact of a potential coordinated strategic petroleum reserve release between the U.S. and China, said Edward Moya, senior market analyst at Oanda. Still, the oil market deficit will remain even if the reserves are tapped, and “the next big move for prices will most likely depend on the weather.” December West Texas Intermediate oil CLZ21, +0.79% rose 65 cents, or 0.8%, to settle at $79.01 a barrel on the New York Mercantile Exchange. Prices for the front-month contract, which expires at the end of Friday’s session, settled Wednesday at the lowest since Oct. 7, according to FactSet data.

This article was originally published by Marketwatch.com. Read the original article here.

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