Crude oil futures inched higher Thursday, trimming brutal losses that saw prices drop to 6-year lows in December.
With Saudi Arabia and OPEC stubbornly pumping oil despite the global supply glut, analysts say crude oil prices are likely to remain unusually low in 2016.
Stockyards are brimming with crude oil here in the U.S.
The Energy Information Administration reported U.S. crude inventories rose by 2.6 million barrels last week. Expectations were for a decline.
Nymex oil futures settled up 44 cents, or 1.2%, at $37.04 a barrel, but plunged more than 30% in 2015.
In economic news today, Chicago-area business unexpectedly saw a continued contraction in the month of December, according to a report released by MNI Indicators on Thursday.
The material has been provided by InstaForex Company – www.instaforex.com